Partners Financial FCU offers home equity loans, which are one-time lump sum loans that are paid off over a set amount of time, have a fixed interest rate, and fixed monthly payments. Home equity loans have two big benefits over other unsecured loans. They are usually associated with lower interest rates and may be easier to qualify for.
We also offer a home equity line of credit (HELOC), which enables you to borrow up to a certain amount for the time limit, set by you and Partners Financial. HELOCs allow you to withdraw money as you need it for items like long projects with scheduled payments. As you pay the principal, your credit limit is restored and you can use it again. If you’re a homeowner, you have the option to put your home’s equity to work for you. A home equity line of credit is a smart option for people who want to borrow money now and in the future.
With home equity loans or lines of credit from Partners Financial FCU, the possibilities are endless!
The difference between home equity loans and home equity lines of credit can be a little confusing at times. At Partners FInancial FCU we’ve put together a chart to make the differences easier to understand.
|Home Equity Loans||Home Equity Lines of Credit (HELOC)|
|Issued in a lump sum.||Issued as a line of credit.|
|Paid back in installments each month.||Allows you to draw funds when you need them.|
|Fixed Interest Rate||Variable Interest Rate|
|Interest is paid back on the total amount borrowed.||Interest is only paid on the amount used.|
Need help deciding which one is a better fit for you? Give us a call and we’ll help you make the right decision.