Understanding the different types
What is a Home Equity Loan?
A home equity loan is a fixed rate loan, secured by your home, where you will receive a lump sum of money and pay it back over a specified period of time.
What is a Home Equity Line of Credit?
A home equity line of credit is a line of credit, secured by your home, which you can draw from on an as-needed basis. Home equity Lines have a variable rate of interest. The repayment is normally interest only payments. The draw period is five years. At the end of the draw period, you’ll be required to payoff the balance outstanding.
A Home Equity Loan or Line can be used in many ways:
- Home Improvements
- Automobiles & Boats
- Debt Consolidation
How do I apply?
To find out more about a Home Equity Loan or Line, stop by one of our branches or call (313) 256-8400 and we will be happy to assist you.