Making Any Dream A Reality
Whether it’s your first home or your third, we make homeownership easy for you and your family by providing customized terms and a team of home loan consultants who help you through the process. Not to mention, your money stays local!
Schedule an appointment with a local representative, or to learn about our mortgage rates* please contact us at 520-795-8520. *Mortgage rates are subject to change daily and can increase based on loan amount, loan to value and credit score.
Home Equity Loan vs. HELOC: What's the Difference?
A home equity loan and home equity line of credit (HELOC) both use the value of your home. They are similar in that you’re borrowing against your home equity. So what's the difference? In short, a home equity loan is one lump sum, and a HELOC is used as needed.
A HELOC is similar to a credit card. With this revolving credit line, you have an amount of money available to for you to borrow and pay back, but you can take what you need as you need it. You’ll also only pay interest on the amount you withdrawal.
With the flexibility of a HELOC, you can borrow as much or as little as you need. A HELOC can be a good source of money for anything you might need extra funds for including vacations, debt consolidation, college planning, and more.
Home Equity Loan (Quick2Close)
Home equity loans usually have a fixed interest rate, which means the payment is the same each month. Your loan payment will be in addition to your existing mortgage payment.
Since it’s a lump-sum, a home equity loan can be a good source of money for major home projects and one-time expenses.