Borrow
Home Equity
Borrow against the value you have built in your home with a fixed rate loan or a flexible line of credit.
Home equity line of credit
Draw as needed during a 10 year draw period and pay interest only on what you use.
Home equity loan
A lump sum with a fixed rate and fixed payment.
Combined loan to value up to 85%
Available on primary residences.
At a glance
- Products
- Home equity line of credit and fixed rate home equity loan
- Combined loan to value
- Up to 85% on primary residences
- Line of credit
- A 10 year draw period, interest only on what you use
- Appraisal
- Required
- Annual fee
- None for the first year
Common uses
Homeowners commonly use equity for renovations that add value, education costs, or consolidating higher rate debt.
- Kitchen and bath renovations
- Debt consolidation
- Tuition and major expenses
What to consider
Your home secures the loan, so make sure the payment fits your budget. We provide a full disclosure of rates, fees and repayment terms before you apply.
- Variable rate on lines of credit
- Appraisal required
- No annual fee for the first year
Line or loan
Both borrow against your home, but they work differently.
- A line of credit suits ongoing or uneven costs, because you draw only what you need
- A loan suits a single expense with a fixed rate and a fixed payment
Before you borrow
Your home secures the loan, so it is worth thinking about the payment first.
- Make sure the payment fits your budget if rates rise
- Compare it with other ways to borrow
- Read the full disclosure of rates, fees and repayment terms
Borrow against your home
- 1
Estimate your equity
Subtract what you owe from your home value, then apply the 85% limit.
- 2
Choose a line or a loan
A line gives flexible access. A loan gives a lump sum and a fixed payment.
- 3
Apply and appraise
We review your application and order an appraisal.
- 4
Draw or receive funds
Draw from a line to checking, or receive the loan amount at closing.
Frequently asked questions
Quick answers about home equity.
How much can I borrow?
How do I draw funds?
Are the interest payments deductible?
How much can I borrow?
What can I use the money for?
What happens after the draw period ends?
Ready to get started?
Open an account online in about ten minutes, or talk to us first. You will need your address, date of birth and an email address.