Home Equity Loans
What type of Home Equity Loan is right for me?
If you plan on making one single purchase, or you know the amount of money you need, you may want a fixed rate home equity loan. That means you receive the entire balance at the time you take out the loan.
If you do not know how much money you will need, or if you plan on using the money over an extended period of time, you may want a home equity line-of-credit. With a line-of-credit, you have a maximum limit and are charged interest only on the amount you use at any given time. You will receive convenience checks so that you can simply write a check for the amount you need or deposit it into your Empower Credit Union checking account.
