BankSouth has been helping Georgia homeowners get the most out of their homes for over 75 years, so we know a thing or two about how to help you convert your hard-earned equity from your home to multiply the benefit. Let us work with you to identify your home equity options.
What is a Home Equity Line of Credit (HELOC) or Loan?
Home equity exists when the value of your home exceeds the amount you owe your mortgage lender. Your home’s equity could be the answer to a large purchase, remodeling project, or debt consolidation in the form of a line of credit or loan.
A HELOC is a revolving line of credit that allows you to access the funds as needed, pay down the balance on flexible terms, and repeat — much like a credit card. A home equity loan is funded in one lump sum and repaid in fixed monthly installments over a set period of months.
With the rising home values in Georgia and your mortgage principal reducing, your equity is growing. Let us identify your home equity options.
Works Like Revolving Credit
A home equity line of credit, or HELOC, is credit that is revolving and secured by your home’s equity. Once approved for a set spending limit, you are able to spend as much or as little of that amount as needed. Payment terms are flexible and when you pay down on the balance, you are able to use your available credit again and again — the same way you would use a credit card.
For information on the current rates for home equity lines of credit in Georgia, contact our team.
Fulfilled in One Lump Sum
A home equity loan, like a HELOC, uses your home’s equity as collateral. The key difference is in how you receive the funds. With a home equity loan, you receive a lump sum upfront, which you repay through fixed monthly installments.
Get in touch to explore your options and learn about competitive home equity loan rates in Georgia.
How Can I Use My HELOC or Loan?
Whether you plan to pay off credit card debt, remodel a room or make a large purchase, we have the solution right under your roof.
Any time is a good time to take advantage of the equity you’ve earned in your home to pay for your next major home renovation, consolidate debt, take a trip, and more.
Should I Get a Line of Credit or a Loan?
The largest difference between a home equity line of credit and a home equity loan is in how the credit is issued. A HELOC is a revolving credit line that you use as needed — you only pay back what you borrow plus interest. A home equity loan is funded in one lump sum to the borrower. Payments are a fixed amount for a set number of months.
Credit and collateral are subject to approval. Terms and conditions apply.
