Equity Smart Home Loans (ESHL)

What makes a home equity line an attractive financing option?

A home equity line of credit is attractive because it offers flexibility and lower interest rates compared to credit cards or personal loans. You can borrow as needed, paying interest only on what you use. This makes it ideal for managing ongoing expenses like home renovations.

Can I get a loan on my paid off home?

Yes, you can. Whether you don't have an existing mortgage or have already paid off your mortgage in full, you can still qualify for a HELOC. We offer both first liens and subordinate (second) liens, allowing you to leverage your home’s equity to access funds for your financial needs.

How do HELOC interest rates work?

There are lenders that offer both variable rate and fixed interest rate home equity lines of credit, so you can choose the option that works best for you. A fixed-interest rate HELOC can provide payment predictability and peace of mind for borrowers. A variable interest rate can change over time and follows the market. Some months your payment could be higher, and some months it could be lower.

What's the difference between fixed and variable rate HELOCs?

Fixed-rate HELOCs maintain the same interest rate throughout the loan term, while variable rates adjust based on market conditions. Fixed rates offer payment stability, while variable rates might start lower. Your best choice depends on risk tolerance and rate expectations.

Is Home Equity Line tax deductible?

You may be able to deduct interest paid on a home equity product if the loan is used for home improvement. You should consult a tax advisor regarding the deductibility of interest and charges.