Home Equity and Home Equity Line of Credit (HELOC)
A home equity loan allows you to access the equity in your home at a low, fixed rate. Unlike a HELOC, a home equity loan is made for a specific amount and you receive the funds as a lump sum when the loan is finalized.
A Schools Financial HELOC allows you to draw funds as needed (up to a predetermined limit) using the equity in your home as collateral. You'll pay less in interest with Schools Financial's low loan rates.