Home Equity Loans Use the equity in your home to borrow money. This is a fixed rate for a fixed term for a specified amount of money. You receive the money in one lump sum and your payment is determined by the balance of the loan.
Home Equity Lines of Credit
This is a variable rate open line of credit that utilized the equity in your home as collateral. At Diebold Federal Credit Union, we will finance up to 95% of your home's value for a Home Equity Line of Credit. You then "draw" on the funds as you need them, and your payment is based on the balance of the outstanding funds you've drawn from the loan.