Home Equity Loans & Lines of Credit
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Being a homeowner gives you access to funds tied to the equity in your home. Sturgis Bank offers two home equity lending options.
Home Equity Loans
With a home equity loan, you receive the loan amount in a lump sum. You’ll have a monthly repayment schedule and a fixed interest rate. There are no restrictions on how you use the funds, and you’ll usually be paying a lower interest rate than credit cards or personal loans. A Home Equity Loan is useful for large one-time expenses like buying an investment property, a family vacation, or paying debts.
Home Equity Lines of Credit (HELOC)
If you need access to funds intermittently, a Home Equity Line of Credit (HELOC) may be the right solution for you. Like Home Equity Loans, the amount of money you can borrow with a HELOC ties to the amount of equity you have in your home. After a Sturgis Bank loan officer approves your HELOC, you’ll have a draw period where you can access funds as you need them with a check or online transfer. During the draw period, you’ll have a monthly minimum payment that reflects the amount of your HELOC balance and the variable interest rate of the loan. As you repay the loan, the funds become available again. A HELOC is useful for large, recurring expenses like college tuition or large investments that add value to your home like expansions or renovations.
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