Compare Home Equity Products


Is a Home Equity Loan, Line of Credit or Mortgage Refinance Right for You?
  Line of Credit Loan Mortgage Refinance
 
Uses Home improvements, tuition or education, or unplanned expenses Major home improvements, purchase of a recreational vehicle or car, or debt consolidation Get cash out for home improvements, or other expenses
What you get A flexible credit line with a variable rate that lets you borrow the money when you need it A second-mortgage loan with a fixed rate, term and monthly payment that lets you borrow money in a lump sum A new mortgage loan with a fixed rate, term and monthly payment that requires you to refinance your existing mortgage
How you pay it back Minimum payments each month Fixed payments that include interest and principal over a fixed time period Fixed payments that include interest and principal over a fixed time period
Loan Term Options Variable Fixed term Fixed term
What tax benefits you may receive Interest may be up to 100%
deductible1
Interest may be up to 100%
deductible1
Interest may be up to 100%
deductible1

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