We have options that can put your home?s equity to work for you.Is the interest on a home equity loan tax deductible? Find out the conditions under which you can get a home equity loan tax deduction.Simple example of borrowing from equity to fuel consumption.Home Equity Line of Credit Lock Feature: You can switch outstanding variable interest rate balances to a fixed rate during the draw period using the chase fixed rate Lock Option. You may have up to five separate locks on a single HELOC account at one time. There is no fee to switch to a fixed rate, but there is a fee of 1% of the original lock amount if the lock is cancelled after 45 days of.Did you know you can access the equity in your home without selling it? You can tap into those funds with a Home Equity Line of Credit (HELOC).Home equity refers to how much of the house is actually yours, or how much you’ve "paid off." Every time you make a mortgage payment, or every time the value of your home rises, your equity.You need money, just as surely as the sun rises. And sometimes you need it quickly. Maybe your laptop crashes or you discovered an under-the-floor leak in the master bathroom. Maybe you incurred some.Have you been thinking about remodeling the bathroom, adding a deck or renovating the upstairs attic into a bedroom? It’s fun to dream, but coming up with the money to fund these projects isn’t always.Home equity is the market value of a homeowner’s unencumbered interest in their real property, that is, the difference between the home’s fair market value and the outstanding balance of all liens on the property. The property’s equity increases as the debtor makes payments against the mortgage balance, or as the property value appreciates.home equity loan benefits. Our standard home equity loan can be used for the same purposes as a line of credit. The main difference is funds are given in one lump sum and a loan has a fixed interest rate and fixed monthly payment.