A HELOC, or a home equity line of credit, is a fantastic way to access the equity you’ve built up in your home.
A HELOC is a line of credit that you can draw from and pay back over 10 years, called the “draw period.” After that time, the balance is frozen and you make monthly payments for the rest of the loan paying off that balance. We offer HELOCs from $50,000 to $500,000 and you can go up to 89.99% of the value of your home.
HELOCs are adjustable-rate mortgages, and their interest rate is directly tied to the Fed Funds Rate. This means that your interest rate and monthly payment will adjust frequently.
There are so many ways you could utilize a HELOC, including:
– consolidate other debts
– purchase another property in cash
– use as the down payment for another property
– use funds for a remodel or other home improvement project
Think a HELOC would be a good fit for your needs? Reach out to us or fill out our online application here.