Put Your Home’s Equity to Use
Making your mortgage payment each month builds equity in your home that can be used as a valuable tool. San Luis Valley Federal Bank offers multiple options that allow you to put your home’s equity to use – Home Equity Loans and Home Equity Lines of Credit (HELOCs). If you’d like to apply for a home equity loan or HELOC, you can get started by completing our online application.
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Home Equity Loans vs. HELOCs
Loan Type | How This Loan is Used |
---|---|
Home Equity Loans | This is a lump sum loan that allows you to receive the full amount of the loan up front. You then make fixed payments each month based on what you borrowed. |
Home Equity Lines of Credit (HELOCs) | This is a revolving line of credit that the borrower draws on as needed. As the amount is paid back, it becomes available to borrow again. |
How to Use Your Home’s Equity
Home Equity Loans and HELOCs can be used to pay for a variety of things, including:
- Home improvements
- Debt consolidation
- Emergency expenses
- College costs
- To make investments