Home Equity Line of Credit

LOAN SOLUTIONS

A Home Equity Line of Credit (HELOC) is a revolving, variable-rate line of credit that uses your home as collateral. You can use the money whenever you need it!

The convenience of writing a check & a possible tax deduction
Borrow time and time again without reapplying
10 year draw with 10 years to repay
Minimum credit line amount $5,000. Minimum advance $500

Explore Your Loan Options

If you need:	Home Equity Line of Credit (HELOC)	Home Equity Loan
Ongoing access to your equity to pay for projects and expenses		--
Access to your equity through Home Equity convenience checks		--
Predictable monthly payments	--
One-time access to your equity, without refinancing your first mortgage	--

Other Comparison Points

Home Equity Line of Credit (HELOC)	Home Equity Loan	Similarities
Withdraw funds as you need them	Receive a lump sum	Interest may be tax deductible
Withdraw only the amount you need	Borrow a specific amount for a set time	Interest rates are generally lower than other types of credit
Pay a variable interest rate	Pay a fixed interest rate	Use funds for a variety of purposes
Make fluctuating monthly payments	Make regular monthly payments	You can apply online, in person or by phone

FAQs

So, what exactly is "equity"?

Equity is the difference between the appraised value of your home and what you owe on your mortgage. Equity is the part of your home's value that belongs to you, not your lender. You can borrow against this equity in your home and use the money for whatever purpose you choose - improve your home, buy a new car, pay for college tuition, consolidate other loans, or send yourself on a well-earned vacation!

Why not a personal loan, instead?

Our home equity is a loan in which your home serves as the collateral. With a home equity, you may be able to deduct the interest you pay from your taxable income. Remember to consult with your tax advisor concerning the deductibility of interest. These are perks you would not get with an ordinary personal loan.

How much can I borrow?

At HV, you can establish a Line of Credit for as little as $5,000. Please contact us for the maximum amount of equity from which you can borrow against.

How is the rate determined?

The rate is tied to the Prime Interest rate as published in the Wall Street Journal on the last business day of each month, plus or minus an index. The index is based on your credit score at the time you apply for the Line of Credit and the percentage of the equity in your home your Credit Line can access.

For more information, see Home Equity Early Disclosure - Important Terms of Our Home Equity Line of Credit Plan

For loan service or more information, contact us !

*APR = Annual Percentage Rate. Minimum amount to borrow is $5,000. Not all borrowers will qualify for the lowest rates. Home Equity Line of Credit: Prime Rate (index) plus or minus margin, which is determined when the credit line is established. The minimum rate is based on the Wall Street Journal Prime Rate (index) available to us as of ten days before the date of any annual percentage rate adjustment. Rates can change monthly on the first day of the month. All loans subject to standard underwriting guidelines. Home Equity Loan: Terms up to 60 months with rates as low as 4.19%, 61-120 months as low as 4.69% APR, and 121-180 months as low as 5.19% APR. Equal Housing Lender. Membership eligibility required.