A Home Equity Line of Credit Loan lets you pledge a part of the equity in your home in exchange for a Line of Credit from which you can repeatedly borrow over a 5 year period. Home Equity Loans are a variable rate loan.
Estimating your maximum Home Equity Line of Credit is easy:
- Determine the value of your home based on either a recent appraisal or on your property tax assessment.
- Deduct all mortgages, including Home Improvement loans and other liens.
- This is your “equity” in your home. The maximum Home Equity Line of Credit will be 80% of this amount.
Contact a Loan Officer for more information, application and disclosures package (including fees and costs) and current interest rate.