HELOC- FAQ
Whether you're renovating, consolidating debt, or planning for a major expense, a HELOC can help you move forward with confidence.
Frequently Asked Questions
What is a Home Equity Line of Credit (HELOC)?
A HELOC is a revolving line of credit that allows you to borrow against the equity in your home. You can use the funds for various purposes, such as home improvements, personal expenses, or debt consolidation.
How do I apply for a HELOC?
You can apply online through our website or visit one of our branches to get started. Our team will guide you through the application process.
How is my credit limit determined?
Your credit limit is based on the equity in your home, your creditworthiness, and other financial factors. Our team will assess your application and provide you with a credit limit.
What is the draw period and repayment period?
You can continue to draw for the full term of the loan until maturity.
Can I make interest-only payments?
Yes, our HELOCs have an interest only payment option for qualified borrowers.
Are there any tax benefits to a HELOC?
Interest paid on a HELOC may be tax-deductible. We recommend consulting your tax advisor to understand the specific benefits for your situation.
How can I access my HELOC funds?
You can view your loan within online banking and the app. However, to advance the funds, you will need to call us or stop by one of our branches.
What are the interest rates for a HELOC?
Our HELOCs offer competitive interest rates that may be lower than other types of loans. The rates are variable and may change over time based on market conditions.
What happens if I sell my home?
If you sell your home, the outstanding balance on your HELOC must be paid off at the time of the sale. Our team can provide guidance on how to handle this situation.