Unlock Your Home's Value

Home equity loans and HELOCs can be used for various purposes, including home renovations, debt consolidation, education expenses, or other major purchases.

A home equity loan provides a lump sum amount with a fixed interest rate, while a HELOC offers a revolving line of credit with variable interest rates. Home equity loans are typically used for one-time expenses, while HELOCs provide ongoing access to funds for various needs.

The main difference between a HELOC draw and a home equity loan payment lies in how you access and repay the borrowed funds. With a HELOC draw, you can access funds (or a portion of your funds) as needed, similar to using a credit card, and only pay interest on the amount you've withdrawn. In contrast, a home equity loan provides a lump sum upfront, and you make regular payments on the entire borrowed amount, typically at a fixed interest rate, until the loan is paid off.

Home equity loans and HELOCs offer several benefits, including lower interest rates compared to other types of loans, the ability to borrow larger amounts, and potential tax deductions on interest payments (consult with a tax advisor for eligibility).

You can apply online at Apply Now link above or stop into a local BayFirst banking center (locations below) to complete an application in-person. Once we receive your completed application, we'll determine your eligibility before discussing loan terms.

The average time from application to approval is typically around 2 to 6 weeks, depending on how quickly the borrower can supply the required information and documentation. A motivated and responsive borrow can cut that time down significantly.

While BayFirst covers closing costs up to the first $2,500², there may be additional fees involved, such as application fees, appraisal fees, and annual maintenance fees for HELOCs. Appraisal fees are not covered by BayFirst.