Home Equity Loans (HELOCS)
- Flexible line of credit on your home
- Draw cash from the equity in your home as you need it
- Low adjustable rates available
- Typically no closing costs
- Interest only payments available
- Great source for cash for home improvement
- A great safety net, even if you don't need the money right now
Home equity loans are an open line of credit for you to use as you wish with your home pledged as collateral. HELOC loans functions similarly to a credit card where you only pay interest on what you use and when you use it. Home equity loans typically are not on a fixed term and are more often than not adjustable rates as well. Because a HELOC is not typically subject to a fixed term, you can pay it off at your own pace. Most home equity loans do not have any closing costs associated with them as well. They are great for those who want a line of credit for emergencies, small home improvements, etc. Since there are no closing costs associated with a HELOC, it is an excellent and inexpensive safety net to have for any home owner. People who would like to consolidate bills may be better served by a conventional refinance than a HELOC since conventional loans have a set term in which to be paid off. Typically, customers are expected to have a good credit rating in order to qualify for a home equity loan. Feel free to contact us if you have any questions about a home equity loan.
* Approvals are not guaranteed. All programs are subject to terms and conditions as well as underwriting approval and review. All programs are subject to change without notice.
