Home Equity Line of Credit
Have access to the supplemental cash you need to finance home repairs, afford large expenses or cover emergency costs. A Home Equity Line of Credit (HELOC) is a flexible and affordable financing option that lets you use and repay up to an approved amount for the entire duration of the given draw period.
- Revolving line of credit - pay back only what you borrow and funds will become available for reuse
- Variable interest rate tied to the Prime Rate*
- 120 month draw period - after the draw period no further borrowings will be permitted and the outstanding balance, plus accrued interest, must be paid off over a 180 month period
- Interest may be tax-deductible**
Fees apply. Loan is subject to credit approval. Insurance is required. Other terms and conditions may apply. Terms may change without notice.
* As reported by The Wall Street Journal.
** Consult your tax advisor.