Home Equity

Home Equity

Access the equity in your home with low rates and flexible terms.

Home Equity Line of Credit (HELOC)

A Schools Financial HELOC allows you to draw funds as needed (up to a predetermined limit) using the equity in your home as collateral. You'll pay less in interest with Schools Financial's low loan rates.
 

Home Equity Loan

A home equity loan allows you to access the equity in your home at a low, fixed rate. Unlike a HELOC, a home equity loan is made for a specific amount and you receive the funds as a lump sum when the loan is finalized.

 

 

Home Equity Loan Benefits

Using the equity in your home may provide the following advantages:

Possible lower costs

  • Lower monthly payments. Interest rates on home equity financing are typically lower than credit cards or personal loans, which could mean lower monthly payments.
  • Potential tax benefits. Home equity interest payments are generally tax deductible. (Consult your tax advisor regarding the deductibility of interest.)

Convenience

  • Higher credit limits. Home equity financing typically has higher credit limits than credit cards or personal loans, giving you access to more funds.
  • Greater financial control. If you’re approved for a Home Equity Line of Credit, you can access your variable-rate line of credit during the draw period, paying interest and principal only on the funds you use.

Flexibility

  • Home improvements. Home equity financing can be used to fund home improvement projects.
  • Education tuition. With the high cost of higher education and student loan financing, home equity financing can provide an affordable option.
  • Debt consolidation. Combining higher-rate loans into one home equity loan could lower your monthly payments and interest expense.
  • Special occasions. A home equity loan may be used to fund a wedding or special trip or vacation.
Loan Rates