What's the Difference? | The Federal Savings Bank

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In this clip from our 'HELOC vs. HELOAN' video, we break down the difference between the terms.

Subject to credit approval. Terms and conditions may apply. Property insurance is required. A HELOC is a revolving line of credit secured by your home.
Borrowers can draw upon the credit as needed during the Draw Period and are only required to pay interest on the amount borrowed. Upon submission of a full application,
a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.
Closed-end second mortgages, home equity loans, and cash-out refinance loans are not a revolving line of credit like HELOCs, and typically provide a single, lump-sum payment at closing that is repaid with a fixed rate in regular installments
over a set term, similar to a traditional mortgage. Variable Rate HELOC Mortgage interest rates and monthly payments are subject to monthly adjustment.
Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions,
disclosures, and additional details on the interest rates that apply to your individual situation. This information is intended for educational purposes only. Products and interest rates subject to change without notice.
Loan products are subject to credit approval and include terms and conditions, fees and other costs.
Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to
VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment.
Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.
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