A Home Equity Line of Credit from Neighborhood National Bank gives you ongoing access to funds when you need them — without having to reapply each time. Whether you're planning a renovation, managing debt, or covering a major expense, a HELOC offers the convenience of flexible borrowing with competitive rates and local service you can trust.
Why Choose a HELOC?
- Flexible, Ongoing Access to Funds
Apply once and draw funds as needed — perfect for projects or expenses that happen in phases. - Revolving Credit
As you repay the principal, that amount becomes available again — like a credit card, but with lower rates and your home’s equity behind it. - Easily Access Funds
Transfer funds to a Neighborhood National Bank account or request a cashier’s check — quick and convenient access whenever you need it. - Competitive Rates
Enjoy affordable borrowing with lower interest rates than most credit cards or personal loans. - Potential Tax Advantages
Interest paid may be tax-deductible — check with your tax advisor to see if you qualify. - Local Lending Decisions
Get personalized service and fast decisions from lenders who live and work in your community. - Friendly, Attentive Support
From application to renewal, we’re with you every step of the way.
Tap into Your Home’s Potential — On Your Terms
Apply once and borrow as you need — it’s smart, simple, and flexible.
Home Equity Loan vs. HELOC: What’s the Difference?
When it comes to using your home’s equity, there are two main options — a Home Equity Loan and a Home Equity Line of Credit (HELOC). While both let you borrow against the value of your home, they work differently.
At Neighborhood National Bank, we want to help you understand those differences so you can choose the option that best fits your goals, budget, and borrowing needs.
Home Equity Loan (HELOAN)
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You get a one-time lump sum of money at closing.
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The interest rate is usually fixed for the life of the loan.
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You make regular monthly payments (interest + principal), and your payment stays the same.
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Best when you know exactly how much you need and want predictable payments.
Home Equity Line of Credit (HELOC)
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Works like a credit line: you can borrow, repay, and borrow again (during a draw period).
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You only pay interest on what you actually use.
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Interest rates are usually variable, meaning they go up or down with market rates.
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Ideal for ongoing costs, surprise expenses, or projects where you’re not sure of the total amount needed.
Which One Should You Use?
| Situation | Best Option | Why |
|---|---|---|
| You know you need a fixed amount for something like a renovation or debt consolidation | Home Equity Loan | You get the full amount up front, and your payments won’t change |
| You want access over time — for example, multiple projects or emergency funds | HELOC | You can tap into funds when needed and only pay interest on what you use |
| Stability and consistency are important | Home Equity Loan | Fixed rate = predictable payments |
| You’re comfortable with flexibility and variable rates | HELOC | Gives you ongoing access, but your costs may shift with the market |