Home Loan

Item	Mortgage Loan	Home Equity Line of Credit
Use	Purchase of a home or refinance of a home mortgage	A home equity line of credit is a form of revolving credit in which your home serves as collateral
Term	Up to 30 years	10 year draw period followed by a 15 year repayment period
Prepayment Penalty	No	No prepayment penalty but early termination fee will apply
Interest Rate	Fixed/Variable	Variable
Annual Fee	No	Yes
Application Fee	No	No
Appraisal Fee	Yes	Yes
Environmental Report	No	No
* Mortgage Loan and HELOC are only available in California.

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