Home Equity Line of Credit
A Home Equity Credit Line allows you to borrow against the equity in your home. The purpose may be for many reasons, ie. unanticipated expenses, financial emergencies, college tuition, just to name a few. The line is easily accessible by contacting your officer for the advance. The minimum draw request is $4,000. If you fully advance the balance of the loan and then pay the line down, you will be able to advance again.
- Low, competitive interest rate
- Variable interest rate
- Interest only monthly during the draw period
- No interest charged until you advance the line
- Possible tax advantage. Make sure you consult your tax advisor regarding the deductibility of interest.
- No closing cost up to $100,000
The Underwriter will explain further requirements for this loan product.
If you are looking for a fixed loan amount and term, a Home Equity Loan or a Home Refinance Loan may be better suited for you.