HELOCs and Home Equity Loans

A Home Equity Line Of Credit (HELOC) is a revolving line of credit with a variable interest rate, based on the available equity in a mortgagor’s home and other qualifying criteria.  It is usually in a subordinate (second) lien position, and allows a customer to advance and repay up to a certain amount by writing a check.  Payments during the draw period are usually interest only, with amortized payments required after a certain time, typically 10 years.

Learn more about HELOCs here.

A HomeStreet Bank home equity loan provides you with a fixed amount of money repayable over a fixed period.  In most cases the payment schedule calls for equal payments that will pay off the entire loan within the loan period.  You might consider an equity loan if, for example, you need a set amount for a specific purpose, such as to purchase a car or to pay off high interest credit cards to achieve a debt-free future.  Your interest costs may be tax deductible.*  Please consult your tax advisor regarding the deductibility of interest.

Learn more about Home Equity Loans here.

*Please consult your tax advisor regarding deductibility of interest.