Home Equity
Tapping into the equity of your home. To help you accomplish you financial goals.
Unlock the Power of Your Home's Equity
Home Equity Products
Over time, as you make payments and your home’s value grows, you build equity — the portion of your home you truly own. A home equity loan or line of credit allows you to tap into that value and put your equity to work, whether for home improvements, debt consolidation, education expenses, or major life goals.
A Home Equity Loan (HELOAN) provides a fixed amount of money at a fixed interest rate, with predictable monthly payments — ideal for one-time expenses or projects.
A Home Equity Line of Credit (HELOC) works more like a credit card, giving you flexible access to funds as needed, with a variable rate that adjusts over time. Both options use your home as collateral, but each serves different financial goals.
HELOC
Flexible access to funds over time
Pay interest only on what you borrow
Typically lower rates than credit cards or personal loans
Ideal for ongoing projects or emergency funds
HELOAN
Fixed rate and consistent monthly payments
Receive your funds all at once
Ideal for one-time large expenses
Easier to budget and plan long-term
Choosing between a HELOC and a Home Equity Loan depends on your needs, comfort level with rates, and long-term plans. I’ll walk you through your options, help you compare terms, and structure the product that fits your goals — so you can access your home’s value with confidence and clarity.
Ready to access your equity?
Let’s explore your options.
FAQS
Frequently Asked Questions
What’s the difference between a Home Equity Loan and a HELOC?
A Home Equity Loan offers a fixed lump sum with a set rate and payment schedule. A HELOC is a revolving line of credit that you can draw from as needed, with a variable interest rate.
How much equity do I need to qualify?
Most lenders require you to keep at least 10–20% equity in your home after borrowing. In other words, you can typically access up to 80–90% of your home’s value, minus what you owe on your mortgage.
What can I use the funds for?
You can use your home’s equity for nearly any purpose — home renovations, debt consolidation, education costs, medical expenses, or even investment opportunities.
How is a HELOC repaid?
A HELOC has two phases: the draw period, when you can access funds (dependent on the lender), and the repayment period, when you pay back what you borrowed plus interest. Payments during the draw period are often interest-only (depending on the lender).
Do Home Equity Loans have fixed or variable rates?
Home Equity Loans typically have fixed interest rates, while HELOCs generally have variable rates that may change with market conditions. Some lenders also offer hybrid options or rate locks.
Are there closing costs for a Home Equity Loan or HELOC?
Yes, there may be closing costs or fees, such as appraisal, title, or origination fees. However, many lenders offer low or no-closing-cost options depending on the loan amount and terms.
Can I have a HELOC if I still have a mortgage?
Absolutely. You can take out a Home Equity Loan or HELOC in addition to your current mortgage, as long as your total home debt remains within your lender’s loan-to-value (LTV) limits.
Is the interest tax deductible?
Sometimes, interest paid on Home Equity Loans or HELOCs may be tax deductible if the funds are used for home improvements. Always consult a tax professional for guidance based on your situation.
Shad Whaley NMLS# 1999864
My Style Mortgage Inc.; NMLS #2622728; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in Idaho, Texas and Utah. For additional information please visit https://www.mystylemortgage.com/privacy-policy. Lending services provided by My Style Mortgage Inc. 115 N. Clark St. Rigby, ID 83442