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Home Equity Comparison

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Unlock the Power of Your Home's Equity

A home equity loan or line of credit is an ideal way to finance home improvements, big purchases (like a car), a dream vacation, a wedding, consolidating debt, and more.  The amount available of the equity in your home is determined based on a percentage of your home's appraised value minus the balance owed of your existing mortgage. Refer to the tabs below to learn more about Cardinal Bank Home Equity Loans and LInes of Credit and a comparison of the two.

 

The main difference between a Home Equity Loan and a Home Equity Line of Credit are the interest rates and the repayment policies. The Home Equity Loan will have a fixed rate while the Home Equity Line will typically have a variable rate.  Using the equity in your home is an advantageous way to borrow money vs. credit cards or other loans. 

Features and Benefits

Home Equity Loan

Home Equity
Line of Credit

Ideal when you know how much you need to borrow and your needs are for a one-time expense such as debit consolidation, a major home renovation or buying a car. checkmark  
Ideal when you don't know how much you need to borrow or when your needs are for on-going expenses such as medical bills, education expenses, or home improvements.   checkmark
Monthly loan payments are based on a set rate and are the same each month. checkmark  
Monthly loan payments may vary based on a variable rate and the balance of your loan.   checkmark
Use it as a revolving line of credit where you can draw on the line, pay it back, and draw again.   checkmark
Access line with a check for easy access to purchasing power.   checkmark
Typically a better borrowing option than a credit card as home equity loans and lines usually have a lower rate. checkmark checkmark
Interest may be tax deductible.* checkmark checkmark

 

Questions?

Please call us at 703.246.7347 or refer to our home equity article:  When To Use Your Home As Equity.

Apply Today

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*Refer to you accountant or tax advisor for details.

 

 

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