Your Home’s Equity, Full of Possibility

Both are secured by your home based on your available equity.

A home equity loan offers a lump sum loan with a fixed interest rate.

A HELOC is a revolving credit line with a variable interest rate, similar to a credit card. You can borrow as little or as much as you need, up to your approved credit line and you pay interest only on the amount that you borrow.

You can use a HELOC to pay for most financial expenses, including home improvements, debt consolidation, emergency expenses, weddings, business expenses, and for a vacation.

You can apply online, or fill out an application at any of our branches.

A draw period is the initial phase of a Home Equity Line of Credit (HELOC) during which you can borrow against your available credit, like you would with a credit card.

During the 10-year draw period, you can access funds up to your credit limit. You’re only required to make interest payments during this time (Interest Only HELOC); however, your available credit will not be replenished unless you also make principal payments during this draw period, as in a Non-Interest Only HELOC.

After the draw period ends, you enter the repayment period, where you can no longer draw funds, and you’ll start paying back your loan (both principal and interest).

An Interest Only HELOC is a type of Home Equity Line of Credit (HELOC) where, during the 10-year draw period, you are only required to pay the interest on the amount you borrow, not on the full credit line. After your draw period ends, you’ll enter the repayment period, where you’ll pay both principal and interest.

This may be a viable choice if you prefer lower monthly payments for the first 10 years of your loan.

If you prefer an Interest Only HELOC, select this option in the Online Application, or let your Loan Officer know.

A Non-Interest Only HELOC is a type of Home Equity Line of Credit (HELOC) where, from the start, you make payments on both the principal and interest you borrow. Unlike an Interest-Only HELOC, there’s no period where you’re just paying interest; you’re reducing the loan balance as you make payments.

If you prefer a Non-Interest Only HELOC, please select this option in the Online Application, or let your Loan Officer know.

A Home Equity Loan is ideal if you need a lump sum up front, with a fixed-rate and predictable monthly payments.

A HELOC is ideal if you prefer ongoing access to funds within the draw period and a more flexible repayment structure.

30 years. Wellby HELOCs have a 10-year draw period (the period where you can draw funds and make payments) followed by a 20-year no-draw repayment period.