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Home Equity Products

It’s possible to borrow money using your home as collateral via a home equity loan or a home equity line of credit.

Assuming you already got a mortgage in order to buy your place, a home equity loan is a second, smaller loan that you can use to spend money on other things (most commonly and sensibly, a renovation). These loans usually have 10-year terms and fixed interest rates. You get the money in one lump sum, and then pay it back over ten years (or sooner if you’d like, but watch out for prepayment penalties.)

Home equity lines of credit are structured a bit differently. Instead of getting a lump sum, you get a line of credit (like a credit card). You can use some or all of that line of credit, and you have it for several years. You only pay interest on the portion you actually borrow.