Home Equity Loans

 

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 variable rate loan, secured by your home, from which you can draw on an as-needed basis.  The draw period is five years with minimum payments of interest only.  At the end of the draw period, repayment of the full balance outstanding may be required.

A Home Equity Loan or Line can be used in many ways:

  • Home Improvements
  • Education
  • Automobiles & Boats
  • Weddings
  • Appliances
  • Debt Consolidation
  • Vacations
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.