• Home equity loans and HELOCs both allow you to borrow money against your home equity, but they’re not the same.
• If you want an upfront lump sum and a predictable repayment schedule and sums, then a home equity loan might be the right choice.
  • The trade-off is that you’ll need to know exactly how much you want to borrow; otherwise, you could end up with more or less than you need. But if you do, say to settle a bunch of credit card bills, then the loan could be ideal.
• If you’re unclear how much financing you’ll need or want the option to take out more money as you need it and only incur interest on an actual withdrawal, then a HELOC might be a better option. You need to be disciplined in paying off the principal and be prepared for swings in your monthly payments.

Ultimately, we recommend you talk to one of our home loan experts, who will listen to your story and advise you of the best solution for your individual needs.

How much you can borrow depends on equity available, credit score, your home’s current valuation and other factors. Home equity is the amount available after subtracting what you owe on your mortgage from your home’s current market value. 

Example: If your home is currently worth $250,000 and you owe $100,000, you have about $150,000 in equity (before lending limits).

We don’t charge an application fee. Most members will have a small processing fee and depending on the loan there may be third party costs (like appraisal or title). Our team will walk you through it upfront.

Our team works as quickly as possible. It typically takes 7-14 business days from the time your application is submitted to you having your loan funds available. The timeline can vary based on factors related to your situation but we are very transparent with our communication during the process and will make sure you are given realistic expectations so you can be prepared.