Put Your Home Equity to Work
One home. Two ways to borrow.
You’ve worked hard to build equity in your home. When it’s time to make a big purchase, tackle a project or manage an unexpected expense, that equity could give you access to the funds you need.
Whether you know exactly how much you want to borrow or you’d rather have ongoing access to funds, we have two ways to help you put your home’s equity to work.
Which Home Equity Option Is Right for You?
Fixed Rate Second Mortgage vs. HELOC
Both options let you borrow against the equity in your home—but they work differently.
| Fixed Rate Second Mortgage | Home Equity Line of Credit (HELOC) | |
|---|---|---|
| Best for | A specific expense when you know approximately how much you need | Ongoing expenses or projects when you may need funds over time |
| How you borrow | Receive your loan funds upfront | Borrow from an available credit line as needed |
| Rate | Fixed for the entire loan term | Fixed for the entire loan term |
| Monthly payment | Predictable payment that does not change | May change based on your balance and rate* |
| Access to funds | One-time loan | Borrow, repay and borrow again during the applicable draw period* |
| Good for | Home improvements, debt consolidation, college expenses or emergency needs | Ongoing renovations, unexpected expenses or expenses with uncertain costs |
| Term | 5, 10 or 15 years | 5-Year Draw Period 10-Year Repayment Term |
| Minimum loan | $10,000 | $10,000 |
Not sure which one fits?
Know What You Need? Lock In What Comes Next.
Fixed Rate Second Mortgage vs. HELOC
When you know how much you need to borrow, knowing what you’ll pay each month can make planning easier.
A Fixed Rate Second Mortgage lets you access the equity you’ve built in your primary residence with a fixed rate and predictable monthly payment for the entire loan term.
That means your rate won’t change halfway through your loan—and neither will your scheduled monthly principal-and-interest payment.
Built for Predictability
What Could You Do With Your Equity?
Make Home Improvements
Kitchen renovation? New roof? Bathroom update? Put the equity you’ve already built into making your home work better for you.
Consolidate Debt
Bring multiple eligible debts together into one loan with one predictable monthly payment.
Cover College Expenses
Use your home’s equity to help manage tuition and other education-related expenses.
Prepare for the Unexpected
When a larger unexpected expense comes your way, your home equity may provide another source of funds.
Fixed Today. Fixed Tomorrow. Fixed for the Life of the Loan.
There’s already enough in life that can change.
Your Fixed Rate Second Mortgage doesn’t have to be one of them.
With a fixed interest rate and a monthly principal-and-interest payment that stays the same, you’ll know what to expect from the beginning of your loan to the end.
Fixed Rate Second Mortgage Details
Minimum Loan Amount: $10,000
Combined Loan-to-Value: Up to 80%
Terms: 5, 10 or 15 years
Occupancy: Primary residence
Eligible Property Types: Single-family home, condominium or townhouse
Still Deciding Between Fixed and Flexible?
Think about how you expect to use the money.
If you’re planning a $30,000 renovation and know approximately what you’ll need, the certainty of a Fixed Rate Second Mortgage may make more sense.
If you’re tackling a project in stages and aren’t sure whether you’ll need $10,000, $20,000 or more over time, the ongoing access of a HELOC may be worth considering.
Neither is automatically better.
The better option is the one that fits how you plan to borrow.
