Home Equity Comparison Chart

Unsure about which home equity solution to choose for home improvements or education expenses? Read this quick comparison to help you decide which option is right for you.

 

 
Description
Rate
Closing Costs
Lien Position/Collateral
Loan Amounts
Terms
Owners' Dividend2 Eligible

Home Equity Line of
Credit

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Description

An open-ended line of credit using your home as collateral. Can be used for any purpose such as a major purchase, education, home improvement, etc.

Rate

Adjustable, tied to Prime Rate

Closing Costs

None1

Lien Position/Collateral

Yes, a lien will be recorded on your home.

Loan Amounts

Determined based on the equity available in your home, up to 90%.

$5,000 minimum.

Terms

30 years total (10-year draw period and 20-year repayment period)

Owners' Dividend2 Eligible

Yes

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Home Equity
Loan

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Description

A closed-ended loan using your home as collateral. Can be used for any purpose such as a major purchase, education, home improvement, etc.

Rate

Fixed

Closing Costs

None1

Lien Position/Collateral

Yes, a lien will be recorded on your home.

Loan Amounts

Determined based on the equity available in your home, up to 90%.

$5,000 minimum.

Terms

4-20 years

Owners' Dividend2 Eligible

Yes

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