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Use funds as you need to with this loan
Your home can be a source of collateral when you need cash with Bank of Wisconsin HELOC. Withdraw money as you need it and once you pay it back, it becomes available again. It’s a flexible way to use the value in your home to help you out.
You are well cared for by our mortgage team. Learn more today.
You can use a HELOC to:
- Consolidate high-interest credit cards and loans
- Remodel or improve your home (loan for home improvement)
- Fund a college education
- Pay for a wedding
- Go on that dream vacation
- Help you plan for the unexpected
- And so much more!
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HELOC vs. Home equity loan
Our lenders have decades of experience in both HELOCs and home equity loans. Here are the differences between the two:
| Home Equity Line of Credit | Home Equity Loan | |
|---|---|---|
| No annual fee |  |
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| Usually lower fees than traditional mortgages | |
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| Interest rate moves with Wall Street Journal prime rate when it is due to adjust | |
|
| Interest rate has a fixed period and then adjusts every year | |
|
| Interest-only payment | |
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| Principle payment or reduction in every payment | |
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| Withdraw funds as needed, and once you pay it back, it becomes available again | |
|
| Lump-sum disbursement (i.e., you get all the cash right away) | |
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| Interest is tax-deducible* | |
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| Use home collateral | |
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| Overdraft protection on checking accounts | |