Home Equity Line of Credit
Use the equity in your home as a smarter way to borrow – with little or 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.
- 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 deductible1 (consult your tax advisor)
- Option to convert all or a portion of the balance to a fixed monthly payment
Convert a portion of your new or existing Home Equity Line of Credit to a fixed-rate loan!
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!
- $10,000 minimum carve-out loan amount
- $500 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
As you repay the fixed-rate loan, your available HELOC balance is once again available to borrow.
Home Equity Loan
A fixed rate home equity loan provides the money you need right now with a budget-friendly regular monthly payment amount.
- Fixed interest rate
- 15 year term
- Flat fee closing costs
- Total loan disbursed after closing
1Consult a tax advisor regarding the deductibility of interest.
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