Home Equity Line of Credit
Your home’s equity is the difference between the value of your home and the amount of your mortgage. Money from a home equity line of credit is available whenever you need it. You can use as little or as much as you need at any given time. It’s a great option if you know you'll need extra money in the future at a moment’s notice. You may want to set up a HELOC as a safety net just in case an unexpected expense comes up. Funds are immediately accessible through online banking. You can re-use the funds as your balance is paid. You can draw against the line of credit for 8 years, and interest is only paid on your outstanding balance.
| Features | Benefits |
|---|---|
| Generous loan to value financing, depending on qualifications | Flexible |
| No annual fee | Saves money |
| No pre-payment fees | Peace of mind |
| No escrow is required | Saves money |
| Reduced closing costs | Saves money |
| Competitive variable rate | Flexible |
| Pay in full each month or low monthly payments | Saves money |
| Loan payments are calculated on 1% of the outstanding balance at the time of the last advance | Low payments |
| Monthly statements | Security |
| Member’s Choice™ Borrower Security can be added to the loan at any time | Flexible |
| Access to account information in person, by mail, Telephone Teller and Online Banking | Convenient |
| Apply for home equity loans in person, by mail, or internet | Convenient |
| The interest may be tax deductible; Consult a tax advisor regarding the deductibility of interest | Affordable |
