Home Equity Loans
We offer two different types of home equity loans at Greenville Savings Bank; our home equity installment loan and our home equity line of credit loan.
Home Equity Installment Loan
A home equity installment loan, also known as an equity loan or second mortgage, allows homeowners to borrow against the equity in their home. The loan amount is based on the difference between the home’s current market value and the homeowner’s mortgage balance due. Home equity installment loans have a set repayment term, like conventional mortgages. This loan type is an excellent option to convert the equity you have built up in your home into cash for things like home renovation projects, that can in turn increase the value of your home.
- Fixed Interest Rate
- Fixed Monthly Principal & Interest Payments
Home Equity Line of Credit
A home equity line of credit, also known as a HELOC, is a line of credit that is secured by your home. With this type of loan, you’re borrowing against the available equity in your home and your house is used as collateral for the line of credit. A HELOC gives you a revolving credit line that can be used for large expenses or to consolidate higher-interest rate debt on other loans.
- Variable Interest Rate – Adjusts with Prime Rate Changes
- Checks Issued for Easy Access to Funds