Home Equity Products: Put Your Home to Work for You!
Your house. It's the place you call home and the place you look forward to after a long day. A place to spend time with family and friends. But did you know that your home can also work hard for you?
Our Home Equity products help you get the money you need for a new kitchen, roof, landscaping, school tuition, debt consolidation, or even a much deserved vacation - anything you dream of! The amount of money you borrow depends on the equity you have in your home.
Home Equity Line of Credit
Use the equity in your home as a smarter way to borrow – with NO CLOSING COSTS!
Our Home Equity Line of Credit is a check-driven, open-ended line of credit that allows you to draw only the amount you need, whenever you need it, and whatever you need it for.
- No closing costs!*
- Flexibility of a revolving line of credit
- Interest only payments for the first 10 years
- Rates adjust monthly and are based on the Wall Street Journal Prime Rate index, plus a margin
- Qualifying properties include owner and non-owner occupied 1-4 family homes
- Interest may be tax deductible (consult your tax advisor)1
- Option to convert all or a portion of the balance to a fixed monthly payment
- Current HELOC Rates
Ready to get started? Contact a lender today!
Convert a portion of your new or existing Home Equity Line of Credit to a fixed rate loan!
A Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home and have flexible access to the money you need for home improvements, college tuition, or debt consolidation. HELOCs typically have a draw period (during which you can withdraw funds up to your credit limit and repay only the accrued interest), followed by a repayment period (when you are no longer able to borrow funds and must pay back the principal balance and the accrued interest).
Our HELOC Carve-Out option allows you to convert a portion of your outstanding HELOC balance to a fixed rate loan. This can help carve out room in your budget by giving you predictable monthly payments and no worries about fluctuating interest rates!
- $5,000 minimum carve-out loan amount
- $100 Lock-in fee
- Maximum carve-out term is the remaining years of the initial interest-only draw period, up to a maximum of 10 years
- No more than three fixed rate carve-outs at any one time
- Current Rates
As you repay the fixed rate loan, your available HELOC balance is once again available to borrow.
If you’re ready to carve out a great rate on your Home Equity Line of Credit, contact your local mortgage lender today!
Home Equity Loan
Borrow against the equity in your home at a convenient fixed rate!
A Home Equity Loan (HELOAN) allows you to use the equity in your home to borrow a one-time lump sum for a renovation project with fixed costs. Home Equity Loans have a fixed interest rate with a structured repayment plan, making it easier to budget for than a variable rate Home Equity Line of Credit.
- $10,000 minimum loan amount
- 15-year repayment period
- $250 rate lock fee
- Current HELOAN Rates
If you’re ready to tackle those home renovations, contact your local mortgage lender today!