The Home Equity Line of Credit (HELOC) is a line of credit. You establish a limit on your line of credit. You may then borrow against your line of credit as frequently as you wish, up to the amount of the limit. These loans are commonly used for expenses and purchases, like educational costs, vacations, and purchases. Use the HELOC in place a credit cards and signature loan, because the HELOC will usually have a lower interest and may be tax deductible (consult your tax advisor).
Home Equity Line of Credit
- Credit Limit up to 95% of the home's appraised value, less any mortgage liens
- Rate adjusts each calendar quarter
- Maximum is 18%
- Variable rates as low as 6.75%APR
- Monthly payment equals 2% of the balance (based on the balance at the time of the last advance) with a minimum payment of $50.
- Advances on the Line of Credit are available via Touch Tone Teller (transfer into your savings or checking account), Home Financial Services (transfer into your savings or checking account), telephone request (transfer into your savings or checking account, or check sent to your home address), or in person.
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