Home
Equity
Loans

Set Down Roots With a Home Equity Loan

For many of us, our home is the most valuable thing we’ll ever own, not to mention the biggest. But after years of mowing the lawn and cleaning the gutters, we forget that it’s been appreciating in value. Sometimes a whole lot of value. So when we need to come up with a big chunk of change for college or for a much-needed renovation, we forget how much we may be sitting on.

View HELOC and Mortgage Rates

Home Equity Loans vs. HELOCs

Not sure if you need a Home Equity Line of Credit (HELOC) or a home equity loan? Home Equity Loans provide a lump sum of cash, while HELOCs act as a revolving source of funds, like a credit card.

With a Grow Home Equity Line of Credit, you get a flexible and simple way to pay for the big and small things. Once you have already established equity in a property, you’re then eligible to take out a home equity loan. While a mortgage payment can vary, a home equity loan is a great option if you want fixed, predictable monthly payments to help you stay on track with your home and financial goals.

So talk to one of our team members today to figure out whether a HELOC or home equity loan is best for you.

A Loan Close to Home

A home equity loan may be an excellent way to utilize the equity in your home for a variety of reasons. It may be utilized to finance the following.

Please use the Home Equity Process to learn more about obtaining a home equity loan.

Educational Expenses

Major purchases such as a boat, car, second home, or once in a lifetime vacation

Unexpected major medical expenses

Consolidate high finance charge debts into a lower interest rate loan

Choosing The Right Option For You

	15 Year Fixed Home Equity	10 Year Fixed Home Equity	HELOC
A variable interest rate
A fixed interest rate
Lump sum of cash
Draw money as you need it
Can be used for consolidating debtCan be used for consolidating debt
Best choice if:	You are making a one-time purchase or improvement. You don't anticipate needing money at a later date. You need your monthly payments to remain fixed over the life of the loan. You plan on staying in the home long term. You would like to pay off the loan balance quickly. You do not want to touch your first mortgage loan terms.	Level principal and interest payments for the full term of the loan. No risk that changing market conditions will increase your monthly payments. Lump sum of cash. Can be used for consolidating debt.	You want access to a revolving line of funds. You plan to do additional projects. You need flexibility around when you access the funds. You aren’t sure exactly what dollar amount you’ll need.
Advantages	Level principal and interest payments for the full term of the loan No risk that changing market conditions will increase your monthly payments Lump sum of cash Can be used for consolidating debt	Level principal and interest payments for the full term of the loan. No risk that changing market conditions will increase your monthly payments. The loan balance will decrease more rapidly than a 15-year second mortgage. Lump sum of cash. Can be used for consolidating debt.	A variable interest rate. Draw money as you need it. Can be used for consolidating debt.

Frequently Asked Questions

We have both 10-year and 15-year terms available with stable monthly payments throughout the duration of the loan and no prepayment penalties.²

HELOCs offer great flexibility for use of the funds. If you’d like to use your equity more like a credit card, where you only pay interest on what you use, then a HELOC could be the best option for you. If you want a lump sum loan, then a Home Equity Loan may be the better choice. Not sure? Talk to our Real Estate Team! We’d be happy to help you understand your options.

HELOCs have a draw period, usually 10 years, during which you can access the funds up to your credit limit and make payments on only the interest (interest-only HELOC) or on the interest plus a portion of the principal (standard HELOC). Then, there’s the repayment period, also 10 years, where you repay the outstanding balance.³

Ready To Take the Next Step?

We know setting down roots takes time, so save yourself the hassle of crunching numbers with our mortgage calculator. Explore your options, rates and next steps for making your house feel like home.

View HELOC and Mortgage Rates

Explore All the Ways We Can Help You Grow

Lending You a Hand

Our Loan Consultant can help you find out if a home equity line of credit is right for you and give you quotes on current interest rates. Or, select the specific loan that interests you to learn more about our various loan programs.

Fewer Fees, Better Rates

From offering competitive HELOC rates to helping you avoid fees, we always put people before profit.

See Our Rates

Helping You Find Your Way Home

Our dedicated Grow team members have crafted this guide to lend you a hand and help you understand your home financing options.

Read All Blogs

March 10, 2022

Put Your Equity to Work With Debt Consolidation Refinance

When you think of getting cash out of your home, you probably think of a traditional Home Equity Line of Credit (HELOC). What you might not think of is using the equity in your home to help you make progress toward paying down debt.

Learn More

January 13, 2022

How To Use a Home Equity Line of Credit for Home Renovations

With a Home Equity Line of Credit (HELOC), you can draw on your home’s equity to get cash that you can use to pay for home renovations.

Learn More

https://www.growfinancial.org/wp-content/uploads/2020/11/HELOC_Headers_111920_Blog.png

December 2, 2020

HELOC 101: Making the Most of Your Home’s Equity

If you’re a homeowner, you probably already know that you’re building equity in your home over time. What you may not know is you can use the equity in your home to finance other things.

Learn More

Important Information About Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: when you open an account we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

Subject to credit approval.

¹For specific tax advice, please consult a qualified tax professional.

²PAYMENT EXAMPLE: 10-year Home Equity Loan with a fixed APR of 5.625%, 120 monthly payments of $10.91 per $1,000.00 borrowed. 15-year Home Equity Loan with a fixed APR of 5.75%, 180 monthly payments of $8.30 per $1,000.00 borrowed. The rate you receive will be based on your credit worthiness and the LTV. The rate provided in the example is based on current market rates. The payment is an estimate and includes only principal and interest. Taxes and insurance not included; the actual obligation will be greater. Flood insurance may be required. Rates are subject to change. Home Equity Loan available in FL, SC, GA, AL,TN. Available on 1-unit owner occupied dwellings.

³As of 9/21/2022, the Annual Percentage Rate (APR) range for the standard HELOC is 7.25 to 8.25%, depending on your credit worthiness. The APR for the interest only HELOC is 7.25%. The minimum APR that can apply is 4.00% and the maximum APR that can apply is 18.00%. The rate is a variable rate indexed to the Wall Street Journal’s Prime Rate and is adjusted every six months. The rate will not increase or decrease more than 4% per adjustment period. The Wall Street Journal Prime Rate is 6.25 as of 09/21/2022. The rate advertised is subject to change without notice. The line of credit must be secured by your home, which must be owner occupied and a single-family residence, excluding manufactured homes. Fees range from $233.00-$1950.00. Property insurance is required, and if applicable, flood insurance will be required. Rates are subject to change. Home Equity products are available in the following states: FL, SC, GA, AL, TN.