Home Equity
Turn the equity in your home into cash!
With a home equity loan or home equity line of credit (HELOC) from Royal Bank, receive funds easily and quickly for long-term or short-term life goals. Enjoy low, upfront costs with flexible terms, competitive home equity rates and repayment options.
Choosing the right home equity financing depends on your unique situation. If you have ongoing projects or want to be prepared for unexpected financial needs where you can access your money as you need it, a HELOC may benefit you. If you have a one-time need, know the cost and need all the money at once, a home equity loan may be a good option.
Our experienced lending team takes the time to understand your goals, talk through available options and work together to find the best fit for you. In addition, decisions are made locally, so your financial information stays local allowing decisions to be made fast.
With a home equity loan or HELOC from Royal Bank, the possibilities are endless.
- Remodel your kitchen, bathroom or fund other home improvement projects
- Refinance a mortgage or other personal loan
- Reduce credit card debt
- Financial flexibility for recreational vehicle or equipment purchases
Royal Bank provides you the option of a Home Equity Line of Credit (HELOC) or Home Equity Loan.
Contact a member of our lending team today to learn more!
Home Equity Line of Credit
This loan secured by real estate property allows you to receive cash up to a limit representing a maximum percentage of your equity in a property. Money can be borrowed up to the limit and paid down as many times as you need. You can pay as little as just the interest on the loan or make monthly or lump-sum payments.
Home Equity Loan
This is a loan secured by a subordinate mortgage on your principal residence. A traditional home equity loan provides lump-sum proceeds when the loan is closed and is paid back in set monthly increments.