Homeowners, the equity in your house can help pay for just about any major purchase you can dream of—like a home remodel, new landscaping, or even a pool.
Home Equity Line of Credit
A Home Equity Line of Credit is a revolving line of credit with funds available up to a set amount.
Your line of credit is reusable, meaning you can access it again and again as you make payments during the draw period. With a line of credit, you’ll have funds available to you whenever you need them – and for whatever you choose.
- 10 year draw period with monthly interest-only payments.
- After the draw period, the outstanding balance will be paid off in monthly principal and interest payments, over a 15 year period.
- No fees on lines up to $1,000,000
- 80% Loan to Value - combined mortgages plus Home Equity Line of Credit not to exceed 80% of home value.
- Ask your banker about the Fixed Rate Option.