Home Equity Line of Credit
Home improvements and debt consolidation are two of the most popular uses of a home equity line of credit financing. Other uses may include paying for major expenses like a wedding, your child's education, or car repairs.
The amount you can borrow is largely determined by taking your home's appraised or fair market value, and subtracting the balances of any outstanding mortgages and liens on the property.
For home equity lines of credit, you will receive a bill each month that you carry a balance. You are only obligated to pay the monthly interest payment. The line of credit feature allows you to pay more than the interest payment when you are able and then borrow from the line again. Interest payments on a home equity loan or line of credit may be tax deductible. Consult your tax advisor regarding deductibility of interest.
The following brochure contains important information regarding your Home Equity Line of Credit. Please read "What You Should Know About Home Equity Lines of Credit" prior to applying.