Keep The Mortgage You Love And Use Your Equity
Home Equity Line Of Credit (HELOC)
Keep your current low rate first mortgage and get flexible access to your equity when you need it..
Use it when you need it
Only pay interest on what you use
Great for ongoing projects
Reuse funds as you repay
Interest rate moves with the market
Home Equity Loan
Fixed loan amount
Fixed interest rate
Fixed monthly payment
Great for one-time expenses
Easy budgeting and planning
Clear Answers. Personalized Solutions.
We’re here to guide you every step of the way.
Access Your Equity. Make An Impact.
and your loan also helps support the Tithe Foundation’s work in local communities.
Common Questions
Is a Home Equity Loan or HELOC better than a cash-out refinance of my first mortgage?
It depends on your goals. A Home Equity Loan or HELOC may make sense if you want to access equity while keeping a low interest rate on your existing first mortgage. A cash-out refinance may be beneficial in other situations. Comparing both options can help determine the best fit.
Does taking out Home Equity Loan or HELOC affect my first mortgage?
No. Your first mortgage remains in place with the same balance, payment, and interest rate. The second mortgage is a separate loan.
Can I use equity to pay off debt?
Yes. Many homeowners use cash-out refinance proceeds to consolidate higher-interest debt into a single mortgage payment, and the monthly savings can be large.
How is my monthly payment calculated on a Home Equity Loan?
With a standard Home Equity Loan your payment is based on the loan amount, interest rate and number of years. The payment is fixed until the loan is paid off.
How is my monthly payment calculated on a Home Equity Line Of Credit (HELOC)?
With a HELOC the monthly payment depends on how much of the line of credit you have used. Your minimum payment is often the lesser of the Interest Only payment or a minimum, such as $50
What is the main difference between a Home Equity Loan and a Home Equity Line of Credit?
The Home Equity Loan offers a fixed payment and payoff timeline. The Home Equity Line of Credit (HELOC) offers more flexibilty to only use funds when you need them and the payment will fluctuate based on your usage.