Home Equity Application Steps: Decide Product

----- quick application step summary -----

equity line vs. equity loan

Your first step in the application process is to determine whether you want a home equity line of credit or a fixed-rate home equity loan.

About Home Equity Line of Credit
you will receive "equity line" checks (and or card) that that can be used to advance yourself a loan amount up to your approved available balance.

This loan type is best for home improvement, college funding, starting a business, or when you need access to a line of credit for emergency and life-event needs.

The equity line is a variable rate account tied to an index that can go up and down.
About Home Equity Loan
The home equity loan is a fixed rate loan. The money is advanced to you when you close your equity loan. This advance is an one-time loan, with no further advances made on your account.

This loan type is best for consolidating debts, buying a vehicle or a major purchase or home remodeling.

	Home Improvement use an equity line to manage costs as they occur throughout the project		Consolidating Debts use an equity loan to payoff all debts and consolidate them into one, low plan
	Auto Buying use an equity loan with a repayment term that fits your budget		Financing College use an equity line to advance cash for tuition, housing, and other as needed
	Paying Off Your Mortgage use an equity line as your money account to advance accelerated payments		Becoming a Banker use an equity line as your source of capital to finance items at minimal cost
	Start a Small Business use an equity line as your start-up capital to get your business going		Financing Major Events use an equity line as your emergency account to advance funds where needed