Compare Home Equity Options
Explore the different features of home equity loans and lines of credit to help decide what's best for you.
|
Home Equity Loan |
Home Equity Line of Credit |
|---|---|
| Best If... | |
|
You want cash in one lump sum with steady repayments. |
You want cash in one lump sum with steady repayments. |
| Rate | |
|
Fixed Rate |
Variable Rate (with option to lock rate) |
| Term | |
|
5, 10 or 15 years1 |
5-year draw period, then take up to 15 years to repay |
| Minimum Amount | |
|
$5,000 loan |
$5,000 line of credit |
| Annual Fee | |
|
$0 |
$0 |
| Closing Costs* | |
|
$0 in most situations |
$0 in most situations |
| Prepayment Penalties | |
|
$0 |
$0 |
| Next Steps | |