Home Equity Loan
Get your plans going today with a home equity loan
Best if you
- Know the exact amount you'll need and don't plan to borrow more
- Have to make home renovations
- Need to cover educational expenses
- Want to consolidate debt
- Enjoy the security of a fixed interest rate
- Take advantage of our flexible terms
- Make strides toward paying it off with no prepayment penalty
- Use the interest on your home equity loan for a tax deduction of up to 100%1
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Should I use my home's equity for debt consolidation?
Consolidating your debt with a home equity loan can simplify your finances. You'll just have one payment instead of many. Then you can chip away at what you owe even faster with a lower interest rate.
You can do this with two options: a home equity loan or a home equity line of credit. They both use your home as collateral.
A home equity loan has a fixed interest rate. It makes budgeting easy with a fixed interest rate, loan term and predictable monthly payments.
A home equity line of credit gives you flexibility—it's there when you need it. As you make payments, that amount of the credit line becomes available again. You'll have a variable interest rate, but it's likely to be lower than the interest rate on a credit card.
Home equity pros
- Make one monthly payment instead of many.
- Enjoy tax deductions based on the interest you pay.1
- Save money with lower interest rates.
Home equity cons
- Your home ownership may be at risk if you're unable to repay the debt.
- You'll have to pay fees and closing costs for home equity loans.
- You may have to pay closing costs if you pay off your home equity line of credit within 36 months.
The bottom line
Compare your options and make the best choice based on fees, closing costs and interest. Finally, be clear that you are borrowing against your home in order to simplify your debt payments.