Your home is more than just a place to live. It is also one of your biggest financial assets. With the right lending option, you can put your home’s equity to work for you. At Ascension Credit Union, we offer both Home Equity Lines of Credit (HELOCs) and Home Equity Loans, but knowing the difference can help you choose the option that best supports your goals.
Home Equity Loan: One Lump Sum, One Big Goal
Think of a home equity loan as a one-time boost of funds. You borrow a set amount upfront and repay it through fixed monthly payments at a fixed interest rate. That means predictable payments every month and no surprises.
This option works well if you know exactly how much you need, such as funding a kitchen renovation, paying off high-interest debt, or covering tuition. It is structured, simple, and steady.
HELOC: Flexible Funds on Your Terms
A HELOC works more like a credit card, but it is secured by the equity in your home. You are given a credit limit and can borrow as much or as little as you need, when you need it. Payments are flexible, and during the draw period you may only be required to pay interest on what you use.
This flexibility makes a HELOC a smart choice for ongoing or unpredictable expenses such as tackling home projects in phases, covering tuition over several semesters, or keeping a safety net for life’s unexpected events.
Choosing What is Right for You
A Home Equity Loan is great if you prefer stability, want a fixed repayment plan, and have a single large expense in mind.
A HELOC gives you ongoing access to funds, making it perfect if you want flexibility and control over when and how you borrow.
Why Ascension Credit Union?
No matter which option you choose, Ascension Credit Union is here to guide you every step of the way. Our local team takes the time to understand your goals and helps you find the lending solution that fits your life. Because here, you are not just a member. You are part of our community.
Ready to explore your options? Stop by one of our branches in Gonzales, Prairieville, or Donaldsonville, or contact us today to get started.