Home Equity Line of Credit
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is a revolving line of credit. Think of it like a credit card with a large limit, the funds are there for you when you need them. Whether your goal is to consolidate debt, make a large purchase, home renovations, or just have a safety net, using your home’s equity is an affordable way to fund any project on your terms.
- Up to $250,000 credit limit
- 10-year draw period
- Additional 20-year repayment plan
- Option to borrow with a fixed rate
- Perfect for home projects
- Consolidate your smaller debts into one payment
Adjustable Rate Line of Credit
| LOAN TYPE | MAXIMUM AMOUNT | MAXIMUM TERM | ANNUAL PERCENTAGE RATE |
| Home Equity | $250,000 | 10-year draw period, 20-year repayment period after last draw. Possible 30-year maximum term. | Prime Rate |
Our Home Equity FlexLOC* is a variable-rate home equity line of credit that allows you to take either your entire balance or a portion of your balance and transfer that amount into a fixed rate loan at no cost. That means you can spend your money, how you want.
Maximum Amount: $250,000
Rates posted are based on the following assumptions:
A combined loan-to-value of 80% or less and a minimum credit score of 740.
Note that the rates and/or fees may be higher based upon credit score and line amount.
APR = Annual Percentage Rate. A rate that reflects the actual annual cost of a loan based on the loan rate and some fees.
All rates are subject to change without notice. For the most up-to-date rates, please call or text us at 800.877.4444.
Information accurate as of October 1st, 2021.
Fixed Rate Conversion Options
| MAXIMUM TERM | ANNUAL PERCENTAGE RATE |
| 5 years | 3.875% |
| 10 years | 4.875% |
| 15 years | 5.125% |
| 20 years | 5.625% |
Our Home Equity FlexLOC* is a variable-rate home equity line of credit that allows you to take either your entire balance or a portion of your balance and transfer that amount into a fixed rate loan at no cost. That means you can spend your money, how you want.
Maximum Amount: $250,000
Rates posted are based on the following assumptions:
A combined loan-to-value of 80% or less and a minimum credit score of 740.
Fixed Rate Conversions reflect a minimum credit score of 780.
Note that the rates and/or fees may be higher based upon credit score and line amount.
APR = Annual Percentage Rate. A rate that reflects the actual annual cost of a loan based on the loan rate and some fees.
All rates are subject to change without notice. For the most up-to-date rates, please call or text us at 800.877.4444.
Information accurate as of October 1st, 2021.
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Learn MoreAdjustable Rate Line of Credit
| LOAN TYPE | MAXIMUM AMOUNT | MAXIMUM TERM | ANNUAL PERCENTAGE RATE |
| Home Equity | $250,000 | 10-year draw period, 20-year repayment period after last draw. Possible 30-year maximum term. | Prime Rate |
Our Home Equity FlexLOC* is a variable-rate home equity line of credit that allows you to take either your entire balance or a portion of your balance and transfer that amount into a fixed rate loan at no cost. That means you can spend your money, how you want.
Maximum Amount: $250,000
Rates posted are based on the following assumptions:
A combined loan-to-value of 80% or less and a minimum credit score of 740.
Note that the rates and/or fees may be higher based upon credit score and line amount.
APR = Annual Percentage Rate. A rate that reflects the actual annual cost of a loan based on the loan rate and some fees.
All rates are subject to change without notice. For the most up-to-date rates, please call or text us at 800.877.4444.
Information accurate as of October 1st, 2021.
Fixed Rate Conversion Options
| MAXIMUM TERM | ANNUAL PERCENTAGE RATE |
| 5 years | 3.875% |
| 10 years | 4.875% |
| 15 years | 5.125% |
| 20 years | 5.625% |
Our Home Equity FlexLOC* is a variable-rate home equity line of credit that allows you to take either your entire balance or a portion of your balance and transfer that amount into a fixed rate loan at no cost. That means you can spend your money, how you want.
Maximum Amount: $250,000
Rates posted are based on the following assumptions:
A combined loan-to-value of 80% or less and a minimum credit score of 740.
Fixed Rate Conversions reflect a minimum credit score of 780.
Note that the rates and/or fees may be higher based upon credit score and line amount.
APR = Annual Percentage Rate. A rate that reflects the actual annual cost of a loan based on the loan rate and some fees.
All rates are subject to change without notice. For the most up-to-date rates, please call or text us at 800.877.4444.
Information accurate as of October 1st, 2021.
Payment Calculator
Format: 12m, 36m, 3y, 7y
Payment Details
Monthly Payment:
$219.73
Number of Payments:
36
Total Payments:
$7,910.37
Total Interest:
$410.37
Frequently Asked Questions
-
What is a draw period?
A draw period is the timeframe that you have to borrow the money from your HELOC so you can use the cash as you need it.
-
Do I have to make payments if I don’t draw any money?
No, a HELOC works like a credit card in the same way that if you don’t borrow against it, you don’t owe a payment.
-
When is my first payment due?
You can start repaying back the money borrowed as soon as you’d like. After the 10-year draw period is over, any remaining amount still owed turns into a 20-year fixed loan without the option to draw funds.
-
Do funds become available as I pay it down?
Yes, when you start paying down what you’ve borrowed, funds become available again as long as you’re in your 10-year draw period.
-
How much am I eligible to borrow?
We offer HELOCs up to $250,000; however, the amount you’ll be eligible to borrow depends on factors such as your home’s value and your credit. To find out what you’re eligible for, give our Real Estate Team a call at 800.877.4444 extension 4110.
-
Is there an option to have a fixed rate?
Yes, we have an option for you to borrow a portion of your HELOC balance and transfer that amount into a fixed rate loan at no cost.