Home Equity Line of Credit

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Home Equity Line of Credit (HELOC)

HELOC is a line of revolving credit with an adjustable interest rate, great for short-term borrowing or unexpected costs. You can choose when and how often to borrow money and paying off your debt will then free up more credit. HELOCs have sometimes been compared to credit cards, in that you’re given a limit and have a minimum payment owed.

Home Equity Line of Credit (HELOC) is excellent for those who need funds for unexpected expenses. It allows you to make purchases that otherwise you wouldn’t be able to make. You can gain access to money for sudden medical emergencies, home repairs, education and other occasions.

 Best Choice If: 

  • You are not certain how much money you will need over a period of time.
  • You can choose when and how often to borrow money.
  • If you need a loan  for  $10,000 and/or up to  $250,000

Other Features:

  • HELOC allows the borrower to take advances as they need.
  • As you pay it back the loan, it frees up more credit.
  • You have five years to withdraw funds, and fifteen years to repay it.

Want to learn more about Home Equity Lines of Credit and how they may help you? Call us 24/7 at 888.871.2690, ext. 40436 or apply online for a credit pre-approval. You can also visit a Community Financial Center and may be pre-qualified in just 5 minutes!