Are you thinking of remodeling your kitchen, or do you need help with tuition expenses?

Are you thinking of remodeling your kitchen, or do you need help with tuition expenses? Home equity loans offer a low-cost option that’s quick and easy to obtain.

There are two types of home equity loans—a regular home equity loan and a home equity line of credit, or HELOC.

With a regular home equity loan you get a lump sum of money and, depending on the loan terms, you pay a predetermined amount back each month for the life of the loan. This option makes sense if you have a large expense up front, such as business start-up expenses.

A HELOC differs from a conventional home equity loan in that you don’t receive the entire sum up front but will draw against a “line of credit” to borrow sums that total no more than the credit limit, similar to a credit card. You can use our online banking system to transfer funds from your HELOC to your regular checking or savings account.

With a HELOC, you’ll have to pay back at least a minimum percentage each month. HELOCs typically have variable interest rates, meaning they can change throughout the life of the loan.

Then, call or stop at one of our four branches to talk with a loan officer about your options. We are happy to review your individual needs and help determine the best type of home equity loan for you.

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