UPDATED LOCATION HOURS
Be sure to check out our updated Friday Hours at Lathrop, Stephenson, and Rincon! Click here to learn more.
CLOSED FOR JUNETEENTH
All Georgia Heritage FCU Branches and Call Center will be closed on Wednesday, June 19th and will reopen on Thursday, June 20th.
Routing Number: 261271694
Scroll Up Scroll down
Home
Search
Call GHFCU
Hours
Find ATM
Sign-in to Your GHFCU Account

HELOC vs. Home Equity Loans: How to Make the Best Choice for Your Future Plans

Oct 7, 2021

3
To understand a HELOC vs. home equity loan, think of a credit card vs. a loan.

Do you have big life events coming up? Do you need money for unexpected expenses? Are you hoping to transform your home into a beautiful haven? If so, you may be considering obtaining a loan and wondering about HELOC vs. home equity loans.

Both offer numerous benefits, but the right choice for you may come down to your personality and lifestyle.

Why Choose a HELOC

A home equity line of credit may be more ideal in the following situations:

  • You don’t know how much money you need to borrow.
  • You plan to use credit over time rather than in one lump sum.
  • You are flexible regarding your monthly repayment amount.
  • You want the benefit of only paying interest on the amount that you use.

Why Choose a Home Equity Loan

A home equity loan may be more ideal in these scenarios:

  • You need a lump sum of money right away.
  • You want to be able to predict how much you will pay every month. Some home equity loans have flexible terms, but others are fixed rates. With a fixed rate, your monthly payment amount will not change.
  • You would prefer to obtain a loan and pay it off rather than having a revolving line of credit.

Loans through Georgia Heritage Federal Credit Union

When considering a HELOC vs. a home equity loan, both may be excellent options. The deciding factors are how and why you want to use the money, your money management preferences, and your personality.

If you’re a person who plans for the future carefully and enjoys a structured lifestyle, a home equity loan may be better. If you are someone who prefers flexibility while having an additional resource, a HELOC may work well for you.

Either way, keep your eye on the equity in your home to see what may be possible in your case.

For more information about the differences between these two options or to begin the home equity loan process, contact Georgia Heritage Federal Credit Union by sending us a message online, calling us at (912) 236-4400, or visiting ghfcustaging.wpengine.com.

Become a Member of GHFCU

Anyone who lives, works, worships, or attends school in Chatham, Effingham, or Bryan counties in Georgia and their immediate family members may gain membership to the Credit Union.

Apply Now

Check Out Our Other Posts

You are now leaving Georgia Heritage Federal Credit Union

Georgia Heritage Federal Credit Union provides links to websites of other organizations in order to provide visitors with certain information. A link does not constitute an endorsement of content, viewpoint, policies, products or services of that web site. Once you visit another website not maintained by Georgia Heritage Federal Credit Union, you are subject to the terms and conditions of that website, including but not limited to its privacy policy.

You will be redirected to

Click the link above to continue or CANCEL

Skip to content