Home Equity Loans
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is a loan secured by real property. It is a revolving loan. As the borrower pays the balance down, the balance becomes available again for a 60-month maximum term. Renewal is based on payment history, Debt-To-Income ratio and Complete Loan-To-Value (CLTV). The HELOC rate is variable, it fluctuates based on the Wall Street Journal Prime Rate. The maximum CLTV for this product is 85% (75% on second homes).
A borrower can access their HELOC in three ways:
- HELOC Card*
- Over the counter
* The HELOC Card is similar to a debit card. It has a MasterCard symbol and is accepted anywhere MasterCard is accepted.
Other reasons to consider a Home Equity Line of Credit:
- Reusable source of cash; as the principal balance is paid back, funds remain available up to the original approved line amount
- Convenient repayment terms, such as interest only
- Monthly statement itemizes advances and balance information
- In many cases, interest is tax deductible-ask your tax advisor for details
- Annual Fee waived the first year
Home Equity Term Loan
Similar conveniences to the HELOC loan but our Home Equity Term Loan offers fixed rate payments with different repayment options for the entire life of the loan. Home Equity term loans can be used to help you consolidate debt, make home improvements or take a much-deserved vacation!