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Should I get a HELOC or a Home Equity Loan?

A home equity line of credit is like a bank account where you can continuously access your available funds up to your credit limit. As you repay the loan you can access the money available again and again, without having to reapply for the loan. Easily transfer funds from your HELOC to your checking or savings account through online or mobile banking, or use complimentary checks to pay for purchases. The annual percentage rate is variable and will change with the prime rate.

See Rates >

Fixed Rate Home Equity Loan

With a fixed rate home equity loan, you borrow a fixed amount and pay back the loan over a pre-determined period of time. The monthly payment for a fixed rate loan is typically higher than a line of credit, but you may pay off the loan quicker.

Home Equity Loan

Home Equity Line of Credit

Fixed Rate Home Equity Loan

Monthly Payments

Minimum of $50, or as low as 1% of amount financed

Set amount


Up to 100%

Up to 100%

Repayment Term

Up to 22 years

Up to 15 years

Closing Costs

As low as $149**

As low as $149**

Annual Fee

No, for qualified credit


Tax Deductible Interest**



The home equity interest you pay may be tax-deductible.

The interest you pay on a home equity loan or line of credit may be tax-deductible, which further reduces the cost of borrowing. This type of deduction is not available for interest paid on credit cards, car loans, and personal loans. See your tax advisor on tax-deductibility. 


Rates accurate as of 1/1/2020 and may change due to market conditions and borrower eligibility. Variable rate based on Prime rate, currently 4.75%APR, as published in the Wall Street Journal plus a margin ranging from 0% to 2.5%, will never fall below the floor rate of 4.00% and will never exceed 18.00%. Property insurance required. The proceeds of the new line of credit cannot be used to pay off existing Heritage loans or lines of credit, unless an additional $10,000 in line availability above the payoff is established. Maximum home equity line, interest rate and monthly payment depend on home value and total loans secured by home. No annual fee. NMLS ID 412170.

**Closing costs start at $149 and do not include cost of appraisal, if needed, which can range from $400 to $700. See your tax advisor on tax-deductibility.

7 Year ARM Mortgage

3.500% Rate, View all mortgage rates >

Auto Loan

24 Months, as low as 1.99% APR*