HOME EQUITY LOANS are a way of borrowing against the equity in your home. Because these loans are secured by your home, low interest rates are available. A home equity loan is especially useful in paying off existing higher interest debts, paying for home renovations, or getting cash out for other expenses.

A great benefit of home equity loans is that your interest payments are tax deductible. An equity loan can be repaid over time with a fixed interest rate and can be up to 100% of the equity you have in your home.

A home equity line of credit (HELOC) is similar to a home equity loan except money can be taken out as needed rather than as a lump sum. Once you are approved for an amount, you can take out cash, and repay repeatedly out of the total amount without doing more paperwork. Another benefit of a home equity line of credit is that you only pay interest on the money you have actually borrow as needed.