Home Equity Loans and Lines of Credit
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is a form of revolving credit in which your home serves as collateral. Because the home is likely to be your largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for day-to-day expenses. The interest rate on these loans is variable, and tied to the current prime rate.
A HELOC offers you the ability to tap your home’s equity anytime, for anything you wish. In addition, the “Interest Only” payment option gives you total flexibility to reduce the balance on your own terms.
Home Equity Loans
Looking to make a major purchase or home improvement? Standard Bank’s Home Equity Loans, also called Second Mortgage Loans, deliver a low fixed rate that is locked in for the life of the loan.
If you are thinking about a Home Equity Line of Credit, you might also want to consider a traditional Home Equity or Second Mortgage Loan. This loan provides you with a fixed rate with a defined repayment. In most cases the payment schedule calls for equal payments that will pay off the entire loan within the loan period.
You might consider a Second Mortgage instead of a Home Equity Line if, for example, you need a set amount for specific purposes, such as an addition to your home. Your Standard Bank Loan Professional will help you determine the best solution for you.
Home Equity Benefits:
- Fast, 48-hour approval
- Competitive rates
- Automatic debit from a Standard Bank checking account
- 24-hours a day, 7 days a week access through telephone or on-line banking