Home Equity Line of Credit

Home Equity Line of Credit

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

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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

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!