or schedule an appointment with your local financial center.
or Contact a Loan Specialst (1.800.385.8664)
So what’s your great idea and how do you fund it? Remodeling your kitchen? Making a down payment on a new car or truck? Consolidating your high-interest debt? Whatever you have in mind, OptionLine, our home equity line of credit may be the perfect solution.
2.49%2
Special introductory
APR for 6 months
3.50%3
Variable APR after the
introductory period
or schedule an appointment with your local financial center.
So what’s your great idea and how do you fund it? Remodeling your kitchen? Making a down payment on a new car or truck? Consolidating your high-interest debt? Whatever you have in mind, OptionLine, our home equity line of credit may be the perfect solution.
2.49%2
Special Introductory
APR for 6 months
3.50%3
Variable APR after the
introductory period
Benefits of a Home Equity Line of Credit
ANYTIME ACCESS >>
FLEXIBILITY >>
MORE CASH >>
AFFORDABLE >>
Benefits of a
Home Equity Line of Credit
ANYTIME ACCESS›
FLEXIBILITY›
MORE CASH›
AFFORDABLE›
HELOC (home equity line of credit) is a loan that’s secured by your home. It’s like a credit card but is generally used for larger expenses vs. everyday purchases. You are approved for a certain amount to borrow (credit limit), and you can use as you need it. You can choose to pay interest only on the money you withdraw or pay more.
Plus, while a HELOC has a variable rate (the rate can move up or down depending on the market), you have the option to lock in a fixed rate for certain amounts, so you have more control over how much you pay.
Traditionally, a HELOC is used to for home improvements, but there are many other ways to put it to work for you: Consolidate high-interest debt, pay college expenses or down payment for a car. It can also provide peace of mind knowing you have that money available and ready for unplanned expenses like medical or unexpected home repairs.
Easy access to your funds. You can take out money when you need it. You can write a check on your available credit or transfer money right into your checking account.
To qualify for a HELOC, you need to have available equity in your home, meaning that the amount you owe on your home must be less than the value of your. Here’s how our lendable home equity is determined. An example based on 80% finances:
Appraised value of home $200,000
80% of appraisal x0.80
---------------
$160,000
Less first mortgage -$125,000
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Home equity loans typically have a fixed interest rate, meaning the payment is the same each month; that makes them easier to factor into your budget.
A home equity line of credit (HELOC) is similar to a credit card; you have a certain amount of money to borrow and pay back, but you can use what you need as you need it. You pay interest only on the amount you draw.