Home equity loans and lines of credit are commonly used for home improvements, to buy a car or boat, or to pay off higher interest debt. Interest on a home equity loan or line of credit is typically tax deductible on loan amounts up to $100,000. Please consult your tax advisor for details.

A home equity loan is for a set amount of money at a fixed interest rate. There is typically no prepayment penalty and you may always choose to pay off your loan more quickly by paying more than the required amount with each payment due.

Some home equity loans may have a balloon payment, see loan details on a specific loan to determine if a balloon applies.