HOME LOANS, MADE PERSONALHELOC: a revolving line.
A home equity line of credit generally allows borrowing during a draw period, subject to its terms. Rates can vary, and payments may change when repayment begins.
AHL HOME / UNDERSTAND YOUR EQUITY
UNDERSTAND YOUR EQUITY
Your equity. A purpose. A plan.
An improvement, a major expense, or a new priority deserves a thoughtful comparison. Get to know three ways of borrowing against your home before choosing a direction.
START WITH THE STRUCTURE
Three paths. Different tradeoffs.
Home equity loan: a separate loan.
A home equity loan typically provides a lump sum and a repayment schedule. It may let you keep an existing first mortgage, while adding another payment and lien.
Cash-out refinance: a replacement mortgage.
This replaces the existing mortgage with a larger loan. Compare costs on the entire new balance and how the rate, term and payment differ from your current loan.
Keep the home in the risk calculation.
All of these borrow against your home. Consider payment changes, fees and your ability to repay. This guide describes concepts; AHL product availability has not been confirmed.
BEFORE CHOOSING A PATH
Make the comparison
about your whole mortgage.
What happens to your current rate? Are you adding a payment or replacing it? How could the repayment schedule change? Put these questions beside the purpose of the funds.
YOUR NEXT CHAPTER. YOUR PACE.
Make the next step
a useful one.
You bring the reason.
Start shaping the plan.
