Put Your Home Equity to Work
Your home’s equity is a financial resource you can use to support your goals. Whether you need flexible access to funds or a fixed amount with predictable payments, Compeer Home™ offers home equity solutions built around your needs.
Choose a Home Equity Line of Credit (HELOC) for ongoing access to funds, or a Home Equity Loan for a lump sum at a fixed rate. Whichever option you choose, you’ll get competitive rates, flexible financing and a lender who understands rural and non-traditional properties.
What Is Home Equity?
Home equity is the difference between your home’s current value and the balance you owe on your mortgage. As you make payments and property values change, your equity may grow.
That equity can be used for a variety of purposes, including:
- Home improvements and renovations
- Consolidatinghigher-interest debt
- Education or tuition costs
- Land purchases
- Preparing for larger future expenses
The best way to access your equity depends on your goals and how you prefer to manage repayment.
Compare Your Home Equity Options
When using your home equity, you typically have two main options:
HELOC
- Revolving line of credit
- Borrow what you need, when you need it
- Typically interest-only during draw period
- Variable rate
- Ideal for ongoing or phased projects
- Flexibility similar to a credit card
Home Equity Loan
- One-time lump sum
- Receive full amount upfront
- Fixed monthly principal and interest payments
- Fixed rate
- Ideal for one-time, defined expenses
- Predictable, traditional loan structure
Choosing the Right Home Equity Option
Need flexibility? A Home Equity Line of Credit (HELOC) may be the right fit.
Want predictable payments? A Home Equity Loan may make more sense.
Our loan officers can help you compare both options and decide what aligns best with your goals, timeline and financial situation.
Why Work with Us?
Compeer Home™, rural home and land lending, specializes in rural and non-traditional properties. We understand that not every home or property fits neatly into standard lending guidelines.
When you work with us, you receive:
- Competitive rates
- Flexible financing solutions
- Clear communication throughout the process
- Local expertise focused on long-term financial relationships
Let’s Talk About Your Equity
Complete the form below to start a conversation about your home equity. A member of our team will connect with you to discuss your options and next steps.
Home Equity FAQs
-
A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows you to borrow funds as needed, while a Home Equity Loan provides a lump sum with a fixed interest rate and structured payments. The right option depends on how you plan to use the funds and whether flexibility or predictability is more important to you.
-
A HELOC or a Home Equity Loan can be a good option for homeowners who have built home equity and want access to funds and have a plan for how they will use and repay the money. It’s important to compare options and understand how each fits into your overall financial picture.
-
HELOC and Home Equity Loan funds can be used for a variety of purposes, including home improvements, consolidating higher-interest debt, purchasing land or covering other major expenses, subject to lending guidelines.
-
Timelines vary based on the borrower, property and documentation provided. In many cases, the process takes a few weeks from application to funding. Some eligible borrowers may experience a faster process when documentation is complete.
-
In most cases, yes. An appraisal is typically required to confirm the value of the property. Depending on the situation, an existing appraisal may be used or alternative valuation options may be available.
-
Applying for a HELOC or Home Equity Loan includes a credit inquiry, and the account will appear on your credit report. Making payments on time can positively impact your credit profile over time.
-
Yes. Debt-to-income ratio is reviewed as part of the approval process to help ensure the loan fits comfortably within your financial situation.
-
In some cases, yes. Eligibility depends on the property and other factors. Compeer Home™, rural home and land lending, specializes in rural and non-traditional properties and can help determine what options may be available.
-
Documentation varies by situation but often includes income verification, asset information and property details. The application process guides you through what’s needed based on your specific circumstances.
-
Early payoff terms can vary. A Compeer Home™ expert can review the details of your loan and explain what to expect based on the structure of your line of credit.
Let Your Equity Work For You
Contact Us
Questions? We’re ready to help you achieve your dream of owning rural property, just like we have for over 13,000 families since 1995.
