HELOC vs Home Equity Loan

Ready to tackle your next home improvement project or another big expense? A home equity line of credit or home equity loan from BayFirst can help finance it. Get flexible spending options, easy access to your funds, a competitive interest rate, and personalized support from our lenders. Get started and let your home's equity help you tackle whatever’s next.

What is a HELOC?

A home equity line of credit (HELOC) lets you continually borrow against the equity in your home over a period of time. Unlike a home equity loan, a HELOC allows you to borrow as much or as little of the equity as you need.

Flexible spending of your funds
Easy advances (as easy as writing a check)
The ability to plan for future expenses
Competitive interest rates
Interest may be tax deductible*

What is a home equity loan?

A home equity loan lets you continually borrow against the equity in your home over a period of time. Unlike a home equity loan, a HELOC allows you to borrow as much or as little of the equity as you need and may have variable and/or fixed interest rates.

The ability to plan for future expenses
Low fixed interest rates
Predictable monthly payments
Interest may be tax deductible
Longer repayment terms

Why BayFirst?

At BayFirst, we’re Here For What’s Next^® - including your next big remodel or expense. But before you start drawing up blueprints or packing your kid up for college, you’ll need to find the right loan. For more than 20 years, BayFirst’s expert lenders have been helping homeowners like you find the best way to tap into their home's equity to ensure future financial success.

Talk to a lender

What's Next? Get Started.

Applying for your home equity loan or line of credit can be done online or in person. You’ll just need to:

Gather your information. Applicants should have a solid credit score (a minimum of 660 is needed), proof of income, one year of W-2s, recent bank statements and mortgage statements.
Apply. Visit our portal to begin online, or schedule a meeting with one of our experts at a banking center near you.
Make your home's equity work for you. Just be sure to stay on top of your monthly payments.

Apply Today

Have Questions?

HELOC FAQ

With both HELOCs and home equity loans, your borrowing limit is based on the amount of equity of your home (what you owe vs. the value of your home). The terms of your loan will be based on that number, and calculated by your lender during the application process.

It depends on a number of factors, but you’ll need to have a credit score of roughly 660 or higher and you’ll need at least some equity in you home.

It depends on your goals and financial situation. If you need a one-time purchase, a home equity loan might be better, whereas HELOCs may be better if you plan to spend over time. A lender will help you weigh your options.

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