{"id":7205,"date":"2024-10-11T15:03:20","date_gmt":"2024-10-11T19:03:20","guid":{"rendered":"https:\/\/mortgageequitypartners.com\/providence-ri\/?page_id=7205"},"modified":"2026-08-04T09:08:06","modified_gmt":"2026-08-04T13:08:06","slug":"helocs-home-equity-loans","status":"publish","type":"page","link":"https:\/\/mortgageequitypartners.com\/providence-ri\/mortgage-products\/helocs-home-equity-loans\/","title":{"rendered":"HELOCs &#038; Home Equity Loans"},"content":{"rendered":"<div class=\"gca-column one-fifth first\"><div class=\"toc\">\n<h4>Table of Contents<\/h4>\n<ul>\n<li><a href=\"#heloc\">Home Equity Line Of Credit (HELOC)<\/a><\/li>\n<li><a href=\"#hel\">Home Equity Loan (HEL)<\/a><\/li>\n<\/ul>\n<\/div><\/div><div class=\"gca-column four-fifths\"><div class=\"gca-column one-half first\"><h2>MEP Choice HELOC<\/h2>\n<h3>Put your home&#8217;s equity to work<\/h3>\n<p>Your home is more than just a place to live\u2014it&#8217;s also a valuable financial asset. As your home increases in value and you pay down your mortgage, you build equity that can be used to help achieve your financial goals.<\/p>\n<p>Whether you&#8217;re planning a renovation, consolidating debt, paying for college, or simply want access to funds for life&#8217;s unexpected expenses, a Home Equity Line of Credit (HELOC) or Home Equity Loan may be the right solution.<\/p>\n<h4>Common ways to use home equity<\/h4>\n<ul>\n<li>Remodel or renovate your home<\/li>\n<li>Consolidate high-interest credit card debt<\/li>\n<li>Pay for college tuition or education expenses<\/li>\n<li>Cover major medical expenses<\/li>\n<li>Finance a wedding or other large life event<\/li>\n<li>Start or grow a business<\/li>\n<li>Purchase an investment or vacation property<\/li>\n<li>Build an emergency financial cushion<\/li>\n<\/ul><\/div><div class=\"gca-column one-half\"><a id=\"form\"><\/a><script>\nvar 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3.1.\"),o(),0))},initializeOnLoaded:function(o){gform.callIfLoaded(o)||(document.addEventListener(\"gform_main_scripts_loaded\",()=>{gform.scriptsLoaded=!0,gform.callIfLoaded(o)}),document.addEventListener(\"gform\/theme\/scripts_loaded\",()=>{gform.themeScriptsLoaded=!0,gform.callIfLoaded(o)}),window.addEventListener(\"DOMContentLoaded\",()=>{gform.domLoaded=!0,gform.callIfLoaded(o)}))},hooks:{action:{},filter:{}},addAction:function(o,r,e,t){gform.addHook(\"action\",o,r,e,t)},addFilter:function(o,r,e,t){gform.addHook(\"filter\",o,r,e,t)},doAction:function(o){gform.doHook(\"action\",o,arguments)},applyFilters:function(o){return gform.doHook(\"filter\",o,arguments)},removeAction:function(o,r){gform.removeHook(\"action\",o,r)},removeFilter:function(o,r,e){gform.removeHook(\"filter\",o,r,e)},addHook:function(o,r,e,t,n){null==gform.hooks[o][r]&&(gform.hooks[o][r]=[]);var d=gform.hooks[o][r];null==n&&(n=r+\"_\"+d.length),gform.hooks[o][r].push({tag:n,callable:e,priority:t=null==t?10:t})},doHook:function(r,o,e){var t;if(e=Array.prototype.slice.call(e,1),null!=gform.hooks[r][o]&&((o=gform.hooks[r][o]).sort(function(o,r){return o.priority-r.priority}),o.forEach(function(o){\"function\"!=typeof(t=o.callable)&&(t=window[t]),\"action\"==r?t.apply(null,e):e[0]=t.apply(null,e)})),\"filter\"==r)return e[0]},removeHook:function(o,r,t,n){var e;null!=gform.hooks[o][r]&&(e=(e=gform.hooks[o][r]).filter(function(o,r,e){return!!(null!=n&&n!=o.tag||null!=t&&t!=o.priority)}),gform.hooks[o][r]=e)}});\n<\/script>\n\n                <div class='gf_browser_gecko gform_wrapper gravity-theme gform-theme--no-framework' data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_4' style='display:none'>\n                        <div class='gform_heading'>\n                            <h2 class=\"gform_title\">Contact us to see if you qualify!<\/h2>\n                    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gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_4_6'><span class='gform-field-label__text'>Name of Loan Officer<\/span><\/label><div class='ginput_container ginput_container_text'><input name='input_6' id='input_4_6' type='text' value='' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_4_7\" class=\"gfield gfield--type-html gfield--input-type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><p class=\"small\"><i>Mortgage Equity Partners protects your data and does not resell or share any information submitted to us. See our <a href=\"\/privacy-policy\" target=\"_blank\">Privacy Policy<\/a>.<\/i><\/p><\/div><div id=\"field_4_8\" class=\"gfield gfield--type-hidden gfield--input-type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_8' id='input_4_8' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages\/7205' \/><\/div><\/div><\/div><\/div>\n        <div class='gform-footer gform_footer top_label'> <button type='submit' id='gform_submit_button_4' class='gform_button button' onclick='gform.submission.handleButtonClick(this);' data-submission-type='submit' >Submit<\/button> \n            <input type='hidden' class='gform_hidden' name='gform_submission_method' data-js='gform_submission_method_4' value='postback' \/>\n            <input type='hidden' class='gform_hidden' name='gform_theme' data-js='gform_theme_4' id='gform_theme_4' value='gravity-theme' \/>\n            <input type='hidden' class='gform_hidden' name='gform_style_settings' data-js='gform_style_settings_4' id='gform_style_settings_4' value='[]' \/>\n            <input type='hidden' class='gform_hidden' name='is_submit_4' value='1' \/>\n            <input type='hidden' class='gform_hidden' name='gform_submit' value='4' \/>\n            \n            <input type='hidden' class='gform_hidden' name='gform_currency' data-currency='USD' value='jqHbKE487wgo5IGg\/XSuHlCowOY7M9r32\/NZzWiUtbdehdlLaFWlFSStHK8xjAYTCfvoCRYyIfk6ZgJzgM7+aMZr2pWux+WxNBY6uSUrXrX7vMw=' \/>\n            <input type='hidden' class='gform_hidden' name='gform_unique_id' value='' \/>\n            <input type='hidden' class='gform_hidden' name='state_4' value='WyJ7XCJnZm9ybV9zdWJtaXNzaW9uX21ldGhvZFwiOltcIjhlY2U0YjY4YTc1YzlhOWFkYjA2OTc2M2ZlZTlkZmFlXCIsXCI0MjM3YTM5NjlhYjhiZjAyMWUwNGY0ZDFmNDkzOGQ1Y1wiXSxcImdmb3JtX3RoZW1lXCI6XCJiZWI3NmMzZjhjMTQyODBkMzVhNDJiNzMxMGJkNDY1OVwiLFwiZ2Zvcm1fc3R5bGVfc2V0dGluZ3NcIjpcImU1ODljMzdiZDQ0MThjZDMyNWI1YTFkNjE3OWVlY2Q0XCIsXCJmb3JtX2lkXCI6XCI2MmMwM2Q4MzNjNzk4ZDI2YjllZTAzOTI0YTRlZjhmMlwiLFwidXJsXCI6XCIyZTRiMDkwZDcxNDA1ODZmY2MyNTE0ZDViZmEwOWJmMlwiLFwic3RhdGVfdGltZXN0YW1wXCI6XCI0Njc3NDEwZjMzZTQyYjlkMmQ0MzgxNTgzNWJlOWJiM1wifSIsIjU4N2UyZTNhYTQ1OTk1NWQwY2U4OTljZTJmNjM4ZTIxIiwxNzg2MDQ5OTcwXQ==' \/>\n            <input type='hidden' autocomplete='off' class='gform_hidden' name='gform_target_page_number_4' id='gform_target_page_number_4' value='0' \/>\n            <input type='hidden' autocomplete='off' class='gform_hidden' name='gform_source_page_number_4' id='gform_source_page_number_4' value='1' \/>\n            <input type='hidden' name='gform_field_values' value='' \/>\n            \n        <\/div>\n                        <\/form>\n                        <\/div><\/div><div class=\"gca-utility clearfix\"><\/div>\n<h3><a id=\"heloc\"><\/a>Home Equity Line of Credit (HELOC)<\/h3>\n<p>A <strong>Home Equity Line of Credit (HELOC)<\/strong> gives you access to a revolving line of credit that&#8217;s secured by the equity in your home. Think of it like a credit card\u2014with a borrowing limit based on your available equity\u2014but with interest rates that are typically lower than most credit cards and personal loans.<\/p>\n<p>During the draw period, you can borrow only what you need, when you need it, and repay it as you go.<\/p>\n<h4>A HELOC may be a great option if you:<\/h4>\n<ul>\n<li>Have ongoing or phased home improvement projects<\/li>\n<li>Want flexible access to funds over time<\/li>\n<li>Need a financial safety net for unexpected expenses<\/li>\n<li>Prefer borrowing only what you use<\/li>\n<\/ul>\n<h4>Your available credit line is determined by several factors, including:<\/h4>\n<ul>\n<li>Your home&#8217;s current appraised value<\/li>\n<li>Your available home equity<\/li>\n<li>Your credit history and score<\/li>\n<li>Your debt-to-income (DTI) ratio<\/li>\n<\/ul>\n<p>Because your home serves as collateral, HELOCs generally offer lower interest rates than unsecured borrowing options. Most HELOCs have variable interest rates, meaning your rate may change over time.<\/p>\n<p>If you are ready to take the next step,\u00a0<a href=\"#form\">fill out the form<\/a>\u00a0or\u00a0<a href=\"https:\/\/mortgageequitypartners.com\/providence-ri\/our-team\/\">contact a local loan officer<\/a>\u00a0today for a personalized home equity consultation.<\/p>\n<h2><a id=\"hel\"><\/a>Home Equity Loan<\/h2>\n<p>A <strong>Home Equity Loan (HEL)<\/strong> allows you to borrow a lump sum of money using the equity in your home. Unlike a HELOC, you&#8217;ll receive all of the funds upfront and repay the loan through fixed monthly payments over a set term.<\/p>\n<p>A Home Equity Loan is often referred to as a second mortgage and offers the security of a fixed interest rate and predictable monthly payment.<\/p>\n<h3>A Home Equity Loan may be the right choice if you:<\/h3>\n<ul>\n<li>Know exactly how much you need to borrow<\/li>\n<li>Want fixed monthly payments<\/li>\n<li>Prefer the stability of a fixed interest rate<\/li>\n<li>Are financing a one-time expense such as a major renovation, debt consolidation, or tuition<\/li>\n<\/ul>\n<p>Like a HELOC, your loan amount is based on factors including your home&#8217;s equity, credit profile, and debt-to-income ratio.<\/p>\n<h2>Let&#8217;s put your equity to work<\/h2>\n<p>Your home equity can be one of your most valuable financial resources. Our mortgage professionals can help you determine whether a HELOC or Home Equity Loan best fits your goals and guide you through every step of the process.<\/p>\n<p>If you are ready to take the next step, <a href=\"#form\">fill out the form<\/a> or <a href=\"https:\/\/mortgageequitypartners.com\/providence-ri\/our-team\/\">contact a local loan officer<\/a> today for a personalized home equity consultation.<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":7,"featured_media":0,"parent":4882,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"program","_genesis_custom_post_class":"","_genesis_layout":"full-width-content","footnotes":""},"class_list":["post-7205","page","type-page","status-publish","entry"],"_links":{"self":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages\/7205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/comments?post=7205"}],"version-history":[{"count":0,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages\/7205\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages\/4882"}],"wp:attachment":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/media?parent=7205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}