Although interest rates are on the rise, it's still a great time to purchase a home. Speak with one of our expert loan officers today!

What are the differences between a home equity loan and a HELOC?

A home equity line of credit is similar to a second mortgage, which enables you to access the loaned funds at any time you choose, instead of all at once. You should think about a HELOC if you need money for other items, such as college or credit card payments. You can borrow during the “draw period,” which is usually 5-15 years. The repayment period is about 10-20 years.

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