Credit Line for Home Equity

You can use the equity in your house as collateral for a loan if you have any. Your payments will be interest-only and solely dependent on the amount you have borrowed for the first ten years, sometimes referred to as the first draw period. The money becomes usable once again when you pay down your balance. The repayment phase begins after that, and your payments can be more than they were in the first phase. They will consist of principle as well as interest.

Because HELOCs have variable interest rates, your interest rate may fluctuate throughout the line. Although your rate may fluctuate, there is a lifetime cap on the maximum amount of changes the rate may experience throughout your loan, in addition to a cap on how much it may vary each time.

When reviewing your application, we take into account several factors, such as your salary, credit history, amount sought, and equity in your house. The amount of equity you can borrow is contingent upon the remaining balance of your mortgage as a percentage of your home's worth.

Your loan money will be available after the mandatory waiting time of three business days from closure if you are accepted. It's simple to access your money after that. You have several options for transferring money from your loan account to a checking account: online, over the phone, in person at a branch, or via checks you receive from us. Within 7 to 10 business days following closure, your access checks will be sent to you in a welcome package by mail.