Couple planning out household designs


Tap into your home's potential.
While the lump sum payment of a home equity Loan is great for projects with a set budget, many homeowners completing ongoing renovations know how difficult it can be to fully estimate expenses. When you need more flexible access to the equity within your home, a home equity line of credit (HELOC) may be the ideal solution.

Home Equity Line of Credit (HELOC) offers benefits such as:

  • Interest accrues only on the amount of money you actually use. For example, if your HELOC offers $20,000, but you only borrow $5,000 - interest will only be paid on the amount you actually borrowed. Keep in mind that HELOCs offer variable vs fixed rates. Your interest rate could rise over time, so you'll want to keep a close eye on how much you've spent to better manage repayment.
  • Draw funds when needed. A HELOC functions more like a credit card than a loan, allowing you to draw funds within specified limits and pay them back over time.