Home Equity Line of Credit (HELOC)
A home equity line of credit is a great way to finance recurring expenses like college tuition or for special expenses like weddings and vacations. Not to mention life’s unexpected expenses.
HELOC benefits include:
- Low variable rate* based on Prime (quoted daily);
- Borrow up to 89% of your home’s value (an appraisal may be required);
- Interest is only charged on the portion you use;
- Funds readily accessible when you need them;
- No prepayment penalties; and
- Interest may be tax deductible**
* With approved credit. Some restrictions may apply.
** for tax deductibility, contact your tax advisor.