Home Equity Line of Credit
A home equity line of credit (HELOC) gives you maximum flexibility. Once approved for the credit line, you can access the funds anytime you need them, for most any purpose.
You only pay interest when you use the funds, unlike a lump sum loan where you pay interest on the full amount regardless. A HELOC can help with major financial needs or be utilized as a low-interest alternative to credit cards.
- Summary
- Can borrow funds at once or over a period of time
- Access funds as needed without re-applying
- Convenient access to credit line, including checks
- Pay interest only on what you use
- Interest may be tax deductible*
- Borrow up to 80% of equity in your home
- Use for most any purpose
*Consult a tax advisor.
