Home Equity Loans & Lines of Credit

Home Equity Loan vs. Line of Credit

While home equity loans and lines of credit both use your residence as collateral, they’re very different in how they work and each have their own advantages and disadvantages.

Home equity loans come with fixed payments for a specified term, giving borrowers a predictable schedule of payments over a defined period of time. They often arrive as a lump sum with a lower fixed interest rate compared to other loans. Additionally, qualified loans are tax deductible.

Home equity lines of credit operate similarly to a credit card, offering you the flexibility to draw money as you need it so you only pay interest on the money that you use. Note that HELOC interest rates fluctuate over the life of the loan, meaning your monthly payments can change. On top of that, you’d have to be discipline and track the amount of money you withdraw each time or you might overspend more than your home equity.

Why Choose Core Bank for Home Equity Loans?

Choose Core Bank for flexible home equity loan rates, easy refinancing, and terms unique to your credit score.

Competitive Interest Rates

Benefit from our variable interest rates and unique repayment structure. Pay only interest for the first 61 months for more flexibility in your budget before transitioning to Principal and Interest (PNI) payments.

Easy Refinancing Options

Refinancing is hassle-free with Core Bank. Adjust your terms easily to suit your changing financial needs and enjoy a smoother loan experience.

Personalized Rates Based on Credit Score

We value your credit responsibility, which is why we offer personalized terms tailored to your credit standing. The better your credit score, the better interest rate you can receive.

When Is a Home Equity Loan the Right Choice?

While HELOC offers easy access to flexible funds, a home equity loan is the better choice when you need the one-time lump sum of funds immediately but want to secure a low, fixed interest rate. On top of that, if you know the amount of money you need and plan on using it for only a specific expense, a home equity loan would be the right option for you.