| Chase
Home Equity Products Chase offers customers two kinds of home equity products, a line of credit or a loan. |
|
|
A home equity line of credit lets a customer decide when they want to borrow and how much they want to borrow, up to a designated limit. The line is accessible for 10 years with a 20-year repayment schedule. Repayment terms are explained on the next page. Interest is only applied to the accumulative amount of money advanced. The rate will vary, depending on prime. This variable rate line of credit is secured by the borrower’s primary residence or secondary/vacation home. |
A home equity loan is a fixed-rate fixed-term loan secured by the borrower’s primary or secondary/vacation residence. The customer receives a one-time lump sum of money to be paid back in regular monthly installments during the life of the loan. |
