Put Your Home's Equity to Work
Your home's built-up equity is a valuable tool that can offer you financial flexibility and financing. West Bank offers two lending options to allow you to access your home's equity:
- Home equity loans
- Home equity lines of credit (HELOCs).
Contact West Bank to learn more about your home equity lending options and discuss your needs.
Home Equity Loans
A home equity loan is a fixed‑rate, fixed‑term loan where you receive a lump sum upfront and repay it over a set period with predictable monthly payments. They are best for homeowners who want a clear payoff timeline and predictable payments for a specific purpose.
Key Benefits
- Consistent monthly payments provide stability and easier budgeting
- Fixed interest rate protects you from market fluctuations
- Often lower interest rates compared to unsecured loans or credit cards
- Ideal for one‑time expenses with a known cost
Common Uses
Home remodeling or renovation projects
- Major repairs or upgrades
- Debt consolidation, especially high‑interest credit card debt
- Large, planned expenses
Home Equity Lines of Credit (HELOCs)
A HELOC is a form of revolving credit secured by your home. Once approved, you can draw funds as needed up to your credit limit. You only pay interest on the amount you draw, not the full amount of the line of credit. HELOCs are ideal for homeowners who want ongoing flexibility and access to funds over time.
Key Benefits
Flexible access to funds when you need them
- Borrow and repay repeatedly during the draw period
- Interest is charged only on the amount used, not the full credit limit
- Useful for ongoing or unpredictable expenses
Common Uses
- Phased home improvement projects
- College or education expenses
- Medical bills
- Emergency expenses
- Major life events or long‑term planning needs