Use the Equity in My Home

Use the equity you have in your home to secure a line of credit or a home equity loan.

Compared to other personal loans, a home equity loan or line at Bell has many benefits:

• It's secured financing, so it may have a lower interest rate than an unsecured loan
• There's no prepayment penalty
• It may have tax benefits (talk to your tax advisor).

Home Equity Loan vs. Line: What’s the Difference?

A home equity loan and a home equity line are not the same; however, both are based on the equity you’ve built up in your home – the current market value minus the balance you still owe on your mortgage.

The main difference between the two is that a home equity loan is taken as a lump-sum, one-time loan with a fixed interest rate, while a home equity line is a revolving “line of credit” that remains available to you for a specified time period, with an adjustable interest rate that is applied to the outstanding balance. 

Choose a home equity line if you:

• Want a set credit limit with a variable interest rate
• Need access to funds both now and in the future – so you can use the funds all at once, or have the flexibility to use your credit any time
• Want convenient access to funds through your Bell Bank deposit account

A home equity loan might be the right way to go if you:

• Want the money up front
• Want to lock in a fixed rate
• Prefer to pay off your loan in fixed payments, with the principal and interest payments staying the same for a fixed period of time
• Need a specific amount for upcoming expenses

Call a personal banker for the loan you need.

Get a Home Equity Line

Access the funds you need through a home equity line of credit.

Why apply for a home equity line?

Home equity lines are used primarily as financial safety nets, or “rainy-day funds.” People just like you also use home equity lines for medical bills, wedding expenses, vacations and consolidating debt.

How does it work? A home equity line is a revolving “line of credit” that remains available to you for a specified time period, with an adjustable interest rate that is applied to the outstanding balance. A line provides a set credit limit with a variable interest rate and gives you access to funds both now and into the future. Get convenient access to funds through your Bell Bank deposit account.

To apply, just call any Bell Bank location. We generally will need the following:

• Personal financial information about you
• Verification of your income from employment and other sources
• Outstanding balance of your current mortgage
• Estimated value of your home

Check with us on the loan you need, and see what we can do for you! Contact a personal banker.

Get a Home Equity Loan

Access the funds you have built up in your home with a home equity loan.

Why apply for a home equity loan?

If you’ve been thinking about adding on to your house, remodeling or redecorating, using the equity in your home could make a lot of sense. Home equity loans can also be used for education payments, medical bills, wedding expenses, vacations and consolidating debt.

To apply, just call any Bell Bank location. We generally will need the following:

• Personal financial information about you
• Verification of your income from employment and other sources
• Outstanding balance of your current mortgage
• Estimated value of your home

Check with us on the loan you need, and see what we can do for you! Contact a personal banker.