Home Equity Line of Credit
Sure you have to mow the lawn and pull the weeds, but home ownership has some serious advantages too. Case in point: a home equity line of credit (HELOC). You can use the equity you've earned in your home like a revolving credit account.
Once you're approved, use what you want, when you want. You only pay interest on what you use, unlike a loan where you are locked into paying interest for the full amount. Best of all, you can pretty much use the funds for whatever you want.
- Summary
- Use home's equity for favorable rates
- Apply once and withdraw when you need it
- Pay interest only on what you use
- Interest may be tax deductible (consult a tax advisor)
- Easy application process
- Quick, local decision making
- TX HELOC
- Available to Texas owner-occupied properties only
- Borrow up to 80% of the home's market value, minus the first mortgage balance
- $4,000 minimum advance required
- Annual Percentage Rate may vary
- Variable interest rate
- AZ HELOC
- Available to Arizona owner-occupied properties only
- Borrow up to 80% of the home's market value, minus the first mortgage balance
- $1,000 minimum advance required
- Early termination fee if loan is closed within first three years
- Annual Percentage Rate may vary
- Variable interest rate
- IL HELOC
- Available to Illinois owner-occupied properties only
- Borrow up to 80% of the home's market value, minus the first mortgage balance
- Annual Percentage Rate may vary
- Variable interest rate
- Take a look at our current rates.
