Learn how to use the equity in your home wisely, calculate loan and HELOC payments, consolidate debt and more with home equity financial tools.
The amount of equity available for a home equity loan or home equity line of credit is determined by the loan-to-value ratio of the home and the ratio requirements of the lender.
Repayment of a home equity loan requires that the borrower make a monthly payment to the lender.
Repayment of a home equity line of credit requires that the borrower make a monthly payment to the lender.
When making a major purchase, using a home equity loan or line of credit is an alternative to financing offers often provided by a seller or manufacturer. In such cases, buyers often have the option of taking the seller-provided financing offer or a rebate on their purchase.
Home equity lines of credit often have more flexible repayment terms than a standard home equity loan.
Home equity loans can be used to consolidate account balances from multiple credit cards or installment loans into a single loan, while offering the added benefit of consolidating multiple payments into a single monthly payment.
The length of time it will take to pay off a home equity loan or line of credit is largely driven by the interest rate being paid on the outstanding balance, how much you continue to use the line of credit and what monthly payment is made each month.
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