What can it be used for?
Are you looking to renovate your house this year? Add an addition for another family member? Or even put in a pool? Westport Federal Credit Union has you covered, but first, we want to give you some knowledge about the home equity loan topics.
What’s the difference between a Home Equity Loan and a Home Equity Line of Credit?
With a home equity loan, you receive the money you are borrowing in a large, single amount. On the other hand, a home equity line of credit, you have the ability to borrow or draw money multiple times from an available maximum amount.
Which one should I get?
A home equity line of credit (HELOC) is best for anyone who is looking to make renovations within their house or to even add an addition. Perfect for those who do not know exactly how much they’ll need and for when. On the other hand, home equity loans are best suited for people who know exactly how much they need to take out.
How to get approved?
At Westport Federal Credit Union, we believe in choices. Now we’re giving you the opportunity to choose a loan that fits your life. Stop on in to one of our locations at 655 State Road or 790 Main Road in Westport or visit us at westport.org to learn more.