Benefits of a home equity loan
Convenient access to your funds
Funds are available in one lump sum and can be accessed from your checking or savings account. Funds can be used immediately to make a purchase, consolidate debt, or any other reason you need them for.
Affordable monthly payments
With competitive fixed rates, your monthly payment will stay constant for the life of your loan ? which can last up to 30 years. The interest you pay may even be tax deductible.
No up-front costs or fees
There are no required application fees or closing costs for a home equity loan, and the origination fee is optional, making it convenient to borrow what you need now and pay it back over time.