Home Equity Installment Loan
Put the equity in your home to work with a lump sum and predictable payments. Apply online or call us at 888-833-3480.
A Home Equity Installment Loan allows you to borrow against the equity you have built in your home. You receive approved funds in one lump sum and repay the balance over a set term.
It's a great way to plan for an expense when you know the total amount you need, like:
- Home improvements with an established budget
- Debt consolidation
- Major purchases
- Planned expenses
- Unexpected costs requiring a set amount
It's important to understand the difference between a Home Equity Installment Loan and a Home Equity Line of Credit (HELOC). Both products use the client’s home as collateral, but amount received and payment structure are different.
Feature | Home Equity Installment Loan | Home Equity Line of Credit (HELOC) |
|---|---|---|
Type of Credit | Installment loan | Revolving line of credit |
How Funds are Received | One lump sum | As needed, up to the available limit |
Best Suited For | A known, one-time expense | Ongoing or changing expenses |
Reuse of Repaid Funds | No | Generally, yes, during the draw period |
Application | New loan required for more funds | No new application needed to access available credit during the draw period |
How to Apply |