Already Own Your Home?
Whether you're planning home improvements, consolidating debt, or preparing for a major expense, VisionBank's Home Equity Loans and Home Equity Lines of Credit (HELOCs) can provide the financing you need. Access the value you've built in your home with flexible options, competitive rates, and personalized guidance from a local lending team you know and trust..
Home equity loans typically have a fixed interest rate, meaning the payment is the same each month; making it easier to factor into your budget. But remember, a home equity loan payment is in addition to your usual mortgage payment.
Since it's a lump sum one-time equity draw, a home equity loan is a good source of money for major projects and one-time expenses.
HELOCs and home equity loans are similar in that you're borrowing against the equity in your home. A home equity loan gives you a sum of money all at once, while a HELOC is similar to a credit card: You have a certain amount of money to borrow and pay back, but you can take what you need as you pay it. You'll pay interest only on the amounts you draw.
HELOCs often begin with a lower interest rate than home equity loans but the rate is adjustable, or variable, which means it rises or falls according to the movements of a benchmark. This means your monthly payment can rise or fall, too.