Compare Your Choices

Still not sure whether a Home Equity Loan or line of credit is the way to go? Compare the details of the two options.

Home Equity Detailed Comparison - California
	Home Equity Loan	Home Equity Line of Credit
Distribution of Funds	A Home Equity Loan is distributed in one lump sum; useful if you know exactly how much you need to borrow	A Home Equity Line of Credit is a revolving credit account allowing you access to your money over time, when you need it.
Access to Your Loan Funds	The total amount will be distributed to you by check or transferred into the deposit account of your choice	Access your Home Equity Line of Credit through convenience checks, telephone or online transfer to any of your other SMCU accounts.
Fixed or variable monthly payment	Since you're borrowing a set amount for a predetermined term, your payments will be the same each month	Like a credit card, the amount you owe each month is determined by the balance of your line of credit and may fluctuate over time.
Fixed or variable rate	The rate will be established once your loan is approved and will remain the same throughout the term of the loan	Interest rate varies monthly and is tied to the Wall Street Journal Prime Index.
Interest - only payment option	Your monthly payment is set at the time the loan is approved and does not include the option of interest-only payments	You may choose to make interest-only payments or more each month. . . it's your choice (interest-only payments are not available with a Fixed Rate Loan Option)
Tax advantages	Interest is generally tax deductible—consult your tax advisor to see if this applies to your situation	You may choose to make interest only payments or more each month to principal
	Apply Now	Apply Now