Compare Home Equity Options
Explore the different features of home equity loans and lines of credit to help decide what's best for you.
|
Home Equity Loan |
Home Equity Line of Credit |
|---|---|
|
Best If... |
|
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You want cash in one lump sum with steady repayments. |
You want ongoing access to cash similar to a credit card. |
|
Rate |
|
|
Fixed Rate |
Variable Rate (with option to lock rate) |
|
Term |
|
|
5, 10 or 15 years |
5-year draw period, then take up to 15 years to repay |
|
Minimum Amount |
|
|
$5,000 loan |
$5,000 line of credit |
|
Annual Fee |
|
|
$0 |
$0 |
|
Closing Costs* |
|
|
$0 in most situations |
$0 in most situations |
|
Prepayment Penalties |
|
|
$0 |
$0 |
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Next Steps |
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