What is a Home Equity Loan?
A Home Equity loan is using the equity in your home to get funds to use for renovations, improvements, college tuition, or whatever life throws at you.
What is the Difference Between a Home Improvement and Home Equity Loan?
With a Home Equity loans you can borrow up to 90% of the equity in your home, and the funds can be used for whatever you choose to use them for. Home Equity loans will have a better interest rate and better terms. Home Improvement loans can only be used for permanent renovations and improvements to your home, but are available if you do not have the equity built up in your home yet.
What is the Difference Between a Closed End Home Equity and Home Equity Line of Credit?
A Closed End Home Equity loan is a fixed-rate loan with a set payback term. The entire loan is disbursed at the time of closing. A Home Equity Line of Credit is a variable rate loan and is a revolving form of credit with a limit that you can borrow up to as you need it.
How Much Can I Borrow on a Home Equity Loan?
Borrow up to 90 percent of the equity in your home*.
How Can I Get Started?
Learn more by visiting our Home Loans page and learn more!
*Equity available is determined by FECU guidelines.
Published Date:July 31, 2021
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