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Home Equity Loans

Home Equity Line of Credit (HELOC)

A Home Equity Line of Credit is like a credit card. You can borrow money up to your credit limit, and you only get charged interest on the portion that you borrow. You can pay down the balance, then reuse the credit. Most have a draw term of 5 to 10 years where you can draw money out. Once the draw period closes the loan is paid back over a 10 to 15 year period. You may also elect to refinance the Equity Line and get another 5 to 10 years to use the line of credit.

You choose what you want to do with your home equity line of credit:

Remodel your home
Take a vacation
Consolidate bills
Buy a car, boat or RV
Finance tuition or other expense
Use it as an emergency fund

There are many features of HELOC loan programs. Ask your Loan Officer to help you decide which is best for you.

Great Rates: rates can be below the prime rate.
No Loan Fees: No appraisal fee or closing costs.
Convenient Closings: Some programs allow doc signing in your home.
Credit lines or maximum loan limits vary with each program.
Pricing varies with the LTV.
Accessing the cash in your credit line can be done by writing a check, charging on a credit card or making a withdrawal at a financial center.
Some programs may offer a fixed rate loan option feature, where you can lock in a fixed rate on all or a portion of your outstanding balance.

Interest from a HELOC is usually 100% tax-deductible, and a smart way to consolidate debt, pay for home improvements, new automobiles, student loans or even vacations or weddings.