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Home Equity
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Home Equity Loan or Line of Credit ...
Which is Right for You?
Now that you´ve built equity in your home, it makes
sense to put that equity to work for you. Many
homeowners wonder about the benefits and
differences between home equity loans and lines of credit.
See chart below for a quick summary:
Home Equity Loan/Line Comparison |
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Home Equity Loan |
Home Equity Line of Credit (HELOC) |
Product Similarities |
Receive funds in lump sum |
Make loan advances as funds are needed |
Interest on either type is typically tax deductible* |
Borrow a specific amount for a set period of time |
Offers easy access for unexpected expenses |
Interest rates are generally lower than other types of credit such as personal loans or credit cards |
Fixed interest rate |
Variable interest rate |
Funds can be used for many purposes |
Regular monthly payments |
Fluctuating monthly payments |
Applying is quick and easy |
Either option is a great way to borrow for home improvements, large expenses such as a new car, debt consolidation, financing education, or simply to give you the peace of mind that comes from knowing you have money available when you need it.
Redwood Credit Union (RCU) offers a variety of home equity loans and lines of credit, featuring fixed or variable interest rates and loan terms. See reverse for our special limited time offer and put your home´s equity to work for you today!
If you have any questions, please call us at: (800) 479-7928 or visit an RCU branch.
