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HELOC & Home Equity Loans

A Home Equity Loan or Line of Credit (HELOC) with Horizon allows you to benefit from all the blood, sweat, and tears you put into your home. With a loan or line of credit, you can use your equity for long-awaited renovations, consolidate debt, or make a major purchase. 



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Home Equity Line of Credit

A home equity line of credit (HELOC) can be useful if you’re planning a major project with multiple expenses or if you want ongoing access to funds. HELOCs feature flexible repayment options and the rates are typically lower than credit cards.

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Home Equity Term Loan

A home equity loan is worth considering if you have a large one-time expense, or if you want to consolidate debt and focus on paying it off. It offers fixed rates and a steady repayment schedule for the life of the loan.

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*Introductory APR (Annual Percentage Rate) will be fixed at 6.19% APR for the first 3 months for those lines with up to 89.9% loan to value (LTV). Thereafter, the rate may vary. The rate is based on credit score, LTV and Prime Rate + 0.25%. The Prime Rate equals the highest Wall Street Journal (WSJ) prime rate as published in the WSJ effective the date the 3-month introductory period expires. WSJ prime rate effective 3/23/2023 is 8.00% APR. Example: credit score of 730+ and LTV of 70% or less will have a rate of 8.25% as of date of publication following the introductory period. Maximum rate is 25%. APR will not fall below a floor of 3.25%. Annual fee is $50, waived for first year. Reimbursement fee up to $399 applies if line is closed within the first 36 months. A minimum draw of 25% of approved loan amount is required to be disbursed at time of loan closing. Subject to credit approval. Other terms and conditions may apply and are subject to change without notice. Oer expires May 31st, 2023.

What Can Home Equity Loans Be Used For?

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    Why Choose a Home Equity Fixed-Rate Loan?

    A Home Equity loan gives you easy access to the equity in your home to pay for home improvements, college tuition, and more.  And, rates are typically lower than credit cards or other unsecured loans. Fixed-rate loans make budgeting easy because your monthly payments remain the same over the life of the loan.
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    Today's low home equity rates*

    Home Equity Term Loan rates are typically much better than other high-rate credit cards and are often great options for debt consolidation. 

  • Young family discussing financial planning

    What about Payments?

    With a Home Equity Term Loan, you pay a fixed interest rate. One of the main benefits of a fixed rate is that whether interest rates rise or fall, your monthly payments won't be affected because your rate is fixed for the life of the loan so you will have lower borrowing costs. We do have other options, check out our home equity options – including a line of credit. 

Home Equity Advice

Is Refinancing or a Home Equity Line of Credit Better?

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If you’ve paid off a good amount of your mortgage, you likely have home equity. Home equity is the difference between your home’s value and what you owe. This equity can be used as collateral to secure funds for home improvement projects and living expenses. But with so many options, which is right for you?

HELOC or Refinance Cash-Out?

A home equity line of credit (HELOC) is a second mortgage secured with your home equity. Refinancing, on the other hand, is a new loan entirely. Each has its benefits and drawbacks, explored below.

HELOC advantages

HELOCs are revolving credit lines that work like credit cards. Your credit limit is determined by how much equity your home has. Unlike credit cards, HELOCs have an initial draw period during which you only pay for what you use. This interest-free period can last for up to ten years before your repayment period begins.

HELOC considerations

With HELOCs, it’s important to consider if variable payments are doable for you. Because you can use different monthly amounts, it can be challenging to track what you owe.

Refinance advantages

To refinance your home, you take out a higher loan to replace your previous mortgage and receive a lump sum payment of the difference between the two. Refinancing provides a lot of money at once but also leads to longer terms of paying interest

Refinance considerations

Before refinancing your home, there are many items to consider, including how long you plan to stay there and how much you still owe. A HELOC is a better option if you don’t plan to stay in your home for long.

If you’re considering a refinance cash out or HELOC, Horizon Bank loan advisors are here to help. Call 888-873-2640. 

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Apply for Your Home Equity Loan

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Our advisors can help you choose the best option that works for you.  

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Use our loan calculator to calculate your home equity loan.

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