Home Equity Lines of Credit
Unlock the value of your home equity.
Home Equity Line of Credit (HELOC) gives you flexible access to funds when you need them most. Whether you're consolidating debt, covering education expenses, remodeling your home, making a major purchase, or handling unexpected costs, a HELOC can help. Using the equity you've built in your home, it provides a convenient line of credit you can draw from as needed. Best of all, you only make payments on the amount you borrow. With competitive rates and flexible access to funds, a HELOC is a smart way to help you achieve your goals.
Why choose a home equity line of credit (HELOC)
A Home Equity Line of Credit is an agreement that allows you to use the equity in your home as collateral. It’s a popular and efficient way for consumers to finance whatever you have in mind. Your line of credit is available to you whenever you need it without having to continually go through the loan process. You have easy access to cash whenever you need it. It’s not even necessary to contact the bank every time you want to make a draw against the loan. You can use Online Banking to deposit funds into your checking or savings account to make your payments. For more detailed information on rates, terms and options, please contact a member of our lending team.
Details
Home Equity Lines of Credit are available with a variable interest rate. Rates will vary by your credit situation, terms of the loan and amount of the loan compared to the value of your home. You can access your revolving line of credit with Online Banking or by writing a check. Typically a HELOC is a second mortgage on your residence, but can be a first mortgage, or possibly a mortgage on a second home or investment property. A HELOC can be offered on rental properties. For more detailed information on rates, terms and options, please contact a member of our lending team.
Rates
Rates are typically lower than most other consumer loan products, so you save money on interest. Variable rates for various time periods are available. A balloon payment will often result at loan maturity. Offer of credit is subject to credit approval. For more detailed information on rates, terms and options, please contact a member of our lending team.
Interest
The Interest you pay may be tax deductible (check with your tax advisor). Interest is charged only on the actual amount advanced, resulting in lower monthly payments compared to conventional loans with principle and interest payments. For more detailed information on rates, terms and options, please contact a member of our lending team.