What is the difference between an equity loan and a revolving line of credit?
When you utilize a home equity loan, you get one lump sum of funds to you use as you wish. You are obligated to make fixed payments on a monthly basis until the loan is paid off. Again, with an equity line of credit, you have a source of funds that you can use, and re-use, as you want. For example, if you have a $15,000 equity line of credit that is completely utilized, you can make payments to the debt in order to free up more cash. You can then re-use the newly available cash from the line of credit. APPLY FOR AN EQUITY LINE OF CREDIT How much money can you borrow with a home equity credit line? We offer loans programs that range in terms from 5 to 30 years and allow you to borrow up to 125% of the value of your home. For example, if your house is worth $300,000 and you have a first mortgage of $200,000, you can apply for a $175,000 line of credit. Learn more about 125% LTV home equity loans. Is a home equity credit line right for you? If you are borrowing money that you plan on payi
