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Home equity loan vs. line of credit?

Here's what you need to know.

The equity in your home can be a valuable resource for your financing needs. There are two different ways to leverage that equity. Compare your options.

Home Equity Loan
Home Equity Line of Credit
WHAT IS IT?A Home Equity Loan is a fixed-term loan in which your home serves as collateral.A Home Equity Line of Credit is a form of revolving credit in which your home serves as collateral.
WHY CHOOSE?For predictable repayments on major expenses such as a home addition, dream vacation, even debt consolidation, a fixed-rate, fixed-term loan is a good choice.For long-term flexibility in borrowing and repayment, try a line of credit. Whether working little by little on home improvements or paying college tuition bills, you can choose when and how much to borrow.
INTEREST RATESCompetitive rates tied to the length of your loan term - minus 0.25% with auto debit from a Horizon Bank checking account with eStatement. Variable rates - as low as Prime with auto debit from a Horizon Bank checking account with eStatement.
PAYMENTSFixed monthly payments for the term of the loan. Variable monthly payments based upon how much of the line you use.
ACCESS TO FUNDSEntire amount given to you in a lump sum when you get your loan.Access funds as you need them using your line of credit checks or a local Horizon office.


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