You can take your pick of repayment approaches. Both Home Equity products can be used for similar purposes - everything from remodeling projects to trips to tuition costs. The difference is how you receive the money and then pay it back. With a regular loan, you get the cash all at once and then make equal monthly payments. With line of credit, you access your money only as needed, and then pay a portion of the outstanding balance each month. This calculator lets you compare approaches to see which one might best fit your budget.
Decide if you want your loan in one chunk or a series of smaller amounts.
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Andrews Federal Credit Union is a full-service financial institution with stateside locations in Washington, D.C., a variety of Maryland counties including Prince Georges, St. Mary’s, Calvert and Charles, Northern Virginia and New Jersey, as well as overseas locations in the Netherlands, Belgium and Germany.