Compare Home Equity Loans

If you are looking to borrow against the equity in your home, then we have the right option for you.

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    Home Equity Line of Credit

    A Home Equity Line of Credit (HELOC) allows homeowners to tap into the equity in their home to help make improvements, consolidate debt, add new space, or even pay for new adventures. Like a credit card, HELOCs offer the flexibility to borrow when you need to. 

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    Home Equity 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.

Learn About Home Equity

  • Which home equity loan is right for you?

    Home equity is the difference between your home's market value and the amount you owe on your mortgage. With a Horizon Bank Home Equity Line of Credit or Term Loan, you have flexible options to achieve your goals. You can renovate and improve your home, consolidate debt, finance education, and make major purchases.  Compare your options.

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  • What about Payments?

    A Home Equity Line of Credit Loan works like a credit card that can be repeatedly used and repaid in monthly 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.

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If you can’t find what you’re looking for, let us know. We’re ready to help in person, online, or on the phone.

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Document Checklist

When applying for a home equity loan, we will ask you to provide the documents that are required for us to make a decision on your loan application. We understand this can feel daunting. Our priority is to make it clear what is required, and to gather this information from you at one time allowing us to source the most appropriate mortgage options for your review, at the most competitive terms.

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    Pay Online

    Log in to online banking to make your payment from your Horizon account or from an external account outside Horizon.

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    Loan Pay Portal

    Make fast one-time payments using Horizon's self-service loan portal.
    (cannot be used for business payments)

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    Visit a Branch
    Stop by your nearest Horizon Bank branch to submit your payment in person.
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    Video Banking Location

    Use one of Horizon's Video Banking locations.  Video banking machines have extended hours and combine the service of a Horizon advisor with the convenience of an ATM. 

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Home Equity FAQs

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Sensible 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. 

Call us Contact us Learn more about home equity

Is Refinancing or a Home Equity Line of Credit Better?

Woman rolling out rug

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. 

Call us Contact us Learn more about home equity