A HELOC turns the equity in your home into a revolving line of credit, giving you access to cash at rates typically much lower than a traditional credit card.
*APR=Annual Percentage Rate. APR is determined by adding a Margin to the Index. The Index is the Prime Rate as published in the “Money Rates” table in The Wall Street Journal. The Margin is calculated based on individual credit history and loan-to-value ratio. Rates subject to change without notice. Rates may vary after account is opened. Rates are adjusted on the first day of the quarter following a rate change in Prime Rate, as published in the Wall Street Journal. The Prime Rate in effect on 03/15/2020, is 3.25%. At no time, will the rate exceed 17.99% APR. Minimum loan amount is $10,000. Maximum loan amount is $250,000. During the Advance Period, the minimum monthly payment is the greater of $50.00 or the finance charges that have accrued during the billing cycle. During the Repayment Period, the minimum monthly payment is the greater of $50.00 or the minimum monthly principal and interest payment due based on a 120 month amortization schedule calculated by the outstanding balance at the end of the Advance Period, plus finance charges that have accrued on the outstanding balance during the billing cycle. There is no limit on the amount by which the rate can change during any one-year period aside from the rate cap of 17.99%. Floor rate range is 3.00%-6.25% APR. Under no circumstance will the APR go below the initial start APR for an individual plan. The maximum APR of 17.99% could be reached the first month of the draw period. Closing cost range is $400-$900 only if an appraisal is required. Late fees may apply. For current index value, margins, and APR, call 800.223.1983. Restrictions and requirements may apply. Ask a mortgage loan officer for details. Membership requirements apply. Equal Housing Lender.
A fixed rate second mortgage is another loan taken against a property on which you already have a mortgage loan, giving you access to a lump-sum loan with a fixed term and rate.
A fixed rate second mortgage may be a good option if you are preparing for a large one-time expense, such as a wedding, the purchase of a second home, or consolidating high-interest rate credit card debt.
A fixed rate, fixed loan term, and known monthly payment makes it easier to budget as you work toward financial goals.
Use this calculator to help you determine how much equity you have in your house relative to the amount you want to borrow or already have borrowed.
719.264.1207 or 800.223.1983