UNLOCKING YOUR HOME'S EQUITY POTENTIAL
Fund big purchases in your life using the equity you have invested in your home. Home equity options can be used to make home improvements, purchase a new car, pay college tuition, or take your dream vacation.
How do hOME eQUITY lOANS & helocS work?
Both Home Equity Loans and a Home Equity Line of Credit limits are determined by taking the value of your home and subtracting the amount of your outstanding mortgage balance, this is the equity amount that you have in your home. Most banks will lend up to 90% of your loan to value ratio (LTV), meaning you can borrow up to 90% of the equity you have in your home. For example:
- Your home appraises for $400,000
- You have $250,000 left to pay on your mortgage
- The difference in your home’s appraisal value and the amount you owe on your mortgage is $150,000
- You can borrow up to 90% of the loan to value ratio, which would be equal to $110,000
Curious what your home equity credit limit might be? Use our Home Equity Estimation Calculator.
Loans are subject to credit approval.
hOME eQUITY lOANS VS. helocS - wHICH IS rIGHT FOR yOU
A Home Equity Loan is a fixed rate loan that is repaid similar to other secured loans, such as a car loan. Benefits include consistent monthly payments, lower interest rates than unsecured loans and longer repayment timelines. When your home equity loan is finalized, the full amount of the funds from your loan are deposited into your checking account.
A Home Equity Line of Credit (HELOC) is an adjustable-rate line of credit that allows homeowners to borrow as needed. A HELOC functions similar to a credit card, with a credit limit that can be borrowed against, paid back and borrowed again. HELOCs offer lower APRs than many other credit types and higher credit limits. Here is an example of how you might use your HELOC:
For example, if you have a $50,000 Home Equity Line of Credit, you may choose to advance $10,000 for a new deck, a few months later you may choose to advance $5,000 as a down payment on a new car. You’ll have a total of $15,000 in advances and $35,000 left to use in your HELOC.
You can lock in a portion of your HELOC with a Fixed Rate Repayment Option (FRRO) which allows you to freeze a set dollar amount of your home equity line of credit at the current FRRO rate. The rest of your HELOC balance not locked into your FRRO will be subject to change as interest rates adjust.
tHE DIFFERENCE BETWEEN A hOME eQUITY line of credit and home equity loan
A Home Equity Loan and a Home Equity Line of Credit (HELOC) both allow homeowners to borrow against their home's equity, but the primary differences between the two options are:
- Payout: A Home Equity Loan provides a one-time lump sum, while a HELOC offers a revolving line of credit you can draw from as needed.
- Repayment: Home Equity Loans are repaid in fixed monthly installments over a set term, whereas HELOC payments vary based on the amount borrowed and current interest rate.
- Interest: With a Home Equity Loan, you will pay interest on the total balance of the loan over the term of the repayment. On the other hand, with a HELOC, you only pay interest on the portion that is borrowed while it remains as a balance on the line of credit.
Ready to tap into your home’s equity? Apply for a Home Equity solution today.
HELOC Rates
| Loan | APR as low as1 |
|---|---|
| $100,000.00 + | 7.25% |
| $75,000.00 - $99,999.99 | 7.50% |
| $50,000.00 - 74,999.99 | 8.00% |
| $25,000.00 - $49,999.99 | 8.50% |
| $5,000.00 - $24,999.99 | 10.00% |
APR is based on Wall Street Journal Index plus margin. APR will not go below 4.00% (floor) or exceed 21.00% for CO, IA, MN & WI borrowers.
1 HELOC rates are current as of 07/01/2025. Collateral must not be listed for sale to receive this promo. Following the introductory period, the APR is variable based on the index, margin and applicable credit limit tiers. Minimum of $5,000.00 new credit line required. Any time autopay is discontinued the APR will increase by 1.00%. Estimated closing costs range from $0.00 to $734.60 and fees may vary by state and loan amount. Homeowners insurance is required. Flood insurance is required, if applicable. Rates are subject to change without notice and this special may not be combined with any other promotional offer. Subject to credit approval and property eligibility.