Home equity loan vs. line of credit?
Here's what you need to know.
The equity in your home can be a valuable resource for your financing needs. There are two different ways to leverage that equity. Compare your options.
>> | Home Equity Loan | Home Equity Line of Credit |
|---|---|---|
| WHAT IS IT? | A Home Equity Loan is a fixed-term loan in which your home serves as collateral. | A Home Equity Line of Credit is a form of revolving credit in which your home serves as collateral. |
| WHY CHOOSE? | For predictable repayments on major expenses such as a home addition, dream vacation, even debt consolidation, a fixed-rate, fixed-term loan is a good choice. | For long-term flexibility in borrowing and repayment, try a line of credit. Whether working little by little on home improvements or paying college tuition bills, you can choose when and how much to borrow. |
| INTEREST RATES | Competitive rates tied to the length of your loan term - minus 0.25% with auto debit from a Horizon Bank checking account with eStatement. | Variable rates - as low as Prime with auto debit from a Horizon Bank checking account with eStatement. |
| PAYMENTS | Fixed monthly payments for the term of the loan. | Variable monthly payments based upon how much of the line you use. |
| ACCESS TO FUNDS | Entire amount given to you in a lump sum when you get your loan. | Access funds as you need them using your line of credit checks or a local Horizon office. |
Have questions and need help?
-
Visit a branch.
-
Chat online with our support team Monday - Friday 8 am to 5 pm CST. Live chat is available for questions 24/7/365.
The web site you have selected is an external site not operated by Horizon Bank. This link is provided for convenience and informational purposes only and Horizon does not endorse and is not responsible for the content links, privacy policy or security policy of this website or app you are about to visit. Horizon Bank is not responsible for (and does not provide) any products, services or content for this third-party site or app, except for products and services that explicitly carry the Horizon Bank name. Click Proceed to continue or Cancel to go back.