Compare Home Equity Loans and Lines of Credit

Find the Best Financing Option for You

Which Home Equity Solution is right for you? With potential tax advantages1 and lower rates than most types of credit, a home equity loan or home equity line of credit are both viable financial options.

Check out the home equity loans and lines of credit comparison chart below to find out the key benefits, rates, terms and payment protection options for each. Determine which solution works best for you and your family’s needs.

Home Equity Loan
Home Equity Line of Credit
Key Benefits:

Fixed rate
Fixed monthly payment

Continuous access to available credit line;
Flexible payment options
Ability to lock in fixed rate options

A good choice if you have:

A large one-time expense such as:
Buying a car
Consolidating bills

Ongoing financing needs such as:
Home improvements
Life events like a wedding or a new baby

Fixed rate
Variable rate
with the ability to lock in fixed rate options2
Fixed monthly payments
Flexible payment options:
Interest-only3; percent of balance; fixed payment
Maximum Term:
Up to 30 years4
15 year draw period
Followed by an additional 15 year repayment period
Account Benefits: