A home equity loan is a great financing solution when the amount of money needed is known in advance. You can get the money you need in a lump sum and put it to use right away.

Home equity loans are typically used for a varity of reasons including starting a business, home renovations, tuition and debt consolidation.

Unlike a loan, a Home Equity Line of Credit (HELOC) gives you the flexibility to borrow and repay as frequently as required. With a loan you are borrowing an exact amount. If you should happen to need more money you would need to apply for a new loan.

A Home Equity Line of Credit (HELOC) gives you access to a pool of credit which you can borrow against as needed without having to reapply each time.

Call a specialist at the Mortgage Department to discuss the different methods of tapping in to your unused home equity including Home Equity Loans and Home Equity Lines of Credit (HELOC).