Use the equity in your home
Home Equity Loans
Whether you need money for a remodeling project, a vacation, or to pay off credit cards, borrowing against the equity in your home can provide the funds you need.
We offer two types of home equity products:
- A HELOC is a revolving line of credit. As you make payments on the funds you've used, your line of credit available will automatically be restored to your original approved limit.
- A home equity loan has a fixed payment schedule with a fixed loan term.
Benefits of a CoVantage HELOC or Loan
- No transaction charge and no hidden fees
- No teaser rates
- No prepayment penalty
- First mortgage doesn’t need to be at CoVantage
- Borrow up to 100% of the current appraised value of your home, less the balance on your first mortgage
- Transfer funds from your HELOC to your CoVantage checking using MyCoVantage
- Interest may be tax deductible; consult your tax advisor