Borrowing
A Home Equity Line of Credit (HELOC) lets homeowners borrow money using their home equity as collateral. Traditional loans give a lump sum upfront, but a HELOC works like a credit card. A HELOC offers a revolving line of credit that you can use as needed for home renovations, debt consolidation, or emergency expenses.
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Home Equity
Home Equity loans are an excellent way to take advantage of the hard work and money you’ve already invested in your home. They allow you to access cash for whatever you need. Because there are different options and they are a bit more complicated, we are happy to have a conversation with you to find the right fit.
Testimonial
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What’s a HELOC, and how can home equity work for you?
Comparing home equity options
Terms of the Loan
Set specific loan amounts, payment amounts, and payoff date
Offers flexibility. You apply for a specific credit limit but borrow as little or as much as you like up to that limit. $250 minimum draw
Interest Rates
Doesn't change
Changes with Wall Street Journal Prime
Payment Amounts
Set payment amount
Based on your balance
All loans are subject to credit approval and standard processing fees. 1st Source checking account required. Minimum loan amount is $5,000 for Home Equity Lines or Loans. Contact us for full details.
Contact one of our experienced Mortgage Loan Originators to get your rate quote!
Understanding Home Buying
Frequently Asked Questions (FAQs)
