determine equity type
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.
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