Improve My Home

A home equity loan offers a fixed amount that you borrow in a lump sum, while a home equity line of credit allows you to borrow funds as needed. Both require a monthly payment. Choosing between the two types can be a difficult decision, but Amboy makes it simple with our Choice Home Equity. It’s a loan and line combined into one! It starts out as a line, but a portion of it can be converted to a fixed loan whenever you want. We also offer traditional home equity lines and loans.

Use our calculator below to see if a line or loan is best for you. Then explore our home equity options or get the process started right away!

Your payment will depend on your type of loan and the amount you borrow. Typically, home equity lines of credit have variable rates, while home equity loans have a fixed rate. Amboy’s Choice Home Equity starts out a line, but a portion of it can be converted to a fixed loan whenever you want.

Use the calculators below to see how your payments could differ depending on if you select a line or a loan. Then explore our home equity options or get the process started right away!

The amount of equity available for a home equity loan or home equity line of credit is determined by the loan-to-value ratio of the home. A loan-to-value ratio is calculated by taking total mortgage debt (including any second mortgages or existing home equity loans) and dividing it by the current, appraised value of the home.

The calculator below can help you determine how much equity exists in your home. Amboy can work with you to find the home equity option that is best for you! Or, get the process started right away!

An excellent use of a home equity loan or line is to consolidate balances from credit cards or other loans. This way, you have only one payment to make, and by using your home a collateral, your interest rate is likely to decrease.

Amboy Bank offers a number of home equity lines and loans. Explore our home equity options or get the process started right away!