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Home Equity Loans And HELOCs

Put Your Home’s Equity to Use

Making your mortgage payment each month builds equity in your home that can be used as a valuable tool. San Luis Valley Federal Bank offers multiple options that allow you to put your home’s equity to use – Home Equity Loans and Home Equity Lines of Credit (HELOCs). If you’d like to apply for a home equity loan or HELOC, you can get started by completing our online application.

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Home Equity Loans vs. HELOCs

Loan TypeHow This Loan is Used
Home Equity LoansThis is a lump sum loan that allows you to receive the full amount of the loan up front. You then make fixed payments each month based on what you borrowed.
Home Equity Lines of Credit (HELOCs)This is a revolving line of credit that the borrower draws on as needed. As the amount is paid back, it becomes available to borrow again.

How to Use Your Home’s Equity

Home Equity Loans and HELOCs can be used to pay for a variety of things, including:

  • Home improvements
  • Debt consolidation
  • Emergency expenses
  • College costs
  • To make investments