Home Equity Line of Credit
Make use of a credit line that could help you manage major purchases, unexpected expenses, and financial emergencies.
Need help financing a home remodel, a big purchase or the unexpected? Use a HELOC to take advantage of your home’s equity.
Let the equity in your home work for you. Use a Home Equity Line of Credit (also known as a Home Equity Credit Line, or HECL) to finance a car, pay for education or complete those needed home improvements. Once established, your revolving line of credit is there for you when you need it without the need to reapply.
Benefits you should know about
Advantages
- Borrow a flexible amount and access cash without tying up assets.
- Get a lower interest rate than other loans because it’s secured by your home.
- Use funds to remodel your kitchen, add on to your house or build a home office.
- Pay for education, cover unanticipated expenses or consolidate higher-interest debt.
- Access your credit line faster with loan decisions made and approved locally.
- Gain competitive rates, flexible loan amounts and accommodating repayment terms.
- Restore your revolving credit limit as you pay back the loan.
- View account details and make payments, and draw funds through Digital Banking.
Things to consider
Considerations
- Home Equity Lines of Credit are available up to $2,000,000.
- Access flexible financing for practically any project.
- Choice of Interest-Only and Principal and Interest options.
- Use the Structured Repayment Option to lock in a fixed rate.
The inside story on Home Equity Credit Lines
Lock In Your Rate With A Structured Repayment
A loan where your interest rate and your monthly payment won't go up. The Structured Repayment Option lets you select the term and lock in a portion or all of your loan at a fixed rate.
Choose Low or Consistent Payments
Use the Interest-Only line for lower monthly payment requirements for the first 10 years of the loan. If you prefer a consistent monthly expense, choose the Principal and Interest payment option for the first 10 years.
Lower Rates Than Other Loans
You’ll enjoy a lower interest rate because a Home Equity Line of Credit is secured by your home. So you’ll save over the long term and benefit from the flexibility of having funds accessible quickly. No need to reapply.
Revolving Credit Restores Your Credit Line
With a Home Equity Line of Credit, you have the ability to borrow money up to your set credit limit. As your repay the balance due every month, the amount available to you for future borrowing needs is replenished.
Apply today for your HELOC.
It only takes about 15 minutes to apply for a HELOC online using the Apply Now button above. Be ready with: Social Security Number and date of birth (borrower and co-borrower), home address and phone number (mailing address if different from home), previous address (if at residence less than 2 years) and gross monthly income.
Schedule an appointment to discuss any questions with your local banker.
HOME EQUITY LINE OF CREDIT
A HELOC that combines principal and interest
Principal and Interest HELOC
- Interest savings over the life of the loan
- Required payment consists of both principal and interest for the first 10 years (draw period)
- The minimum payment is calculated as follows: .30% of principal balance + accrued interest
- 20-year amortization/repayment period
- Max loan-to-value (LTV) ratio is 80%
- 30-year loan which includes a 10-year draw period followed by a 20-year amortization/repayment period
Interest-only HELOC
- Lower monthly payments during the draw period
- Required payment is interest-only for the first 10 years of the loan (draw period)
- 20-year amortization/repayment period
- Max loan-to-value (LTV) ratio is 80%
- 30-year loan which includes a 10-year draw period followed by a 20-year amortization/repayment period
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