Home Equity Comparison Chart

Not sure which home equity loan product is right for you? Read more about the benefits and features of each to help you decide.

Calculate your rate and payments

Features and benefits	Line of Credit	Term Loan
Product Description	A flexible line of credit against the equity in your home that you can draw from when you need it.	Borrow a certain amount for a specific period of time. Your payments are fixed, so you'll know what your payment will be every month.
Best for you if:	Your budget allows for a variable monthly payment You will need your money in different amounts and at different times	You want a stable monthly payment You like the security of a fixed rate You want to pay off your loan in a period of time that you choose
Primary Purpose	Home improvements Educational expenses Major purchases Refinance existing mortgage	Bill consolidation Home improvements Educational expenses Major purchases Refinance existing mortgage
Interest Rate Option	Variable with a Fixed Rate Option	Fixed
Home Ownership Required	Yes	Yes
Potential Tax Deduction of Interest^†	Yes	Yes
Payment Options	Affordable interest-only or principal and interest payments	Principal and interest payments
Maximum Term	240 months (20 years)^*	360 months (30 years)
Access to Your Funds	Visa^® Equity Access Card, personalized checks – at a branch or online	Receive all funds in one lump sum
Maximum Loan-to-Value %	89.9% of home's value	89.9% of home's value

Calculate your rate and payments

*With Fixed Rate Option, maximum term would be 240 months (20 years) when the option is exercised at the time the line is opened.

†Consult a tax advisor regarding the deductibility of interest.

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