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HELOC & Home Equity Loans

HELOCS and Home Equity Loans

Because…..

-You want to remodel or update your home!

-You need to fund your child’s education!

-You want to go on a dream vacation!

The equity in your home may be able to finance those dreams.

Dan explains the differences between a HELOC and a Home Equity Loan in this short video.See a CUSB lender today to see if you qualify!

Home Equity Line Of Credit (HELOC)

Sometimes referred to as a HELOC, a home equity line of credit lets you borrow against the equity you've built in your home. Customers can access their HELOC by using checks, asking for an advance in person, on the phone, or by using online banking.

Your credit line, or limit, is fixed, but you can draw against it up to that limit rather than receive the entire loan amount as a lump sum. Whatever you borrow reduces your available balance until you repay it. Then you can borrow it again.

Home equity lines of credit have variable interest rates. The terms of repayment are spelled out in your agreement.

Home Equity Loan

A home equity loan is secured by the equity in your home. The loan is in a lump sum with a fixed rate. You then make monthly repayments over the term of the agreement.

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