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Home Equity Line of Credit

Leverage the value of your home today.

Home Equity Lines of Credit, or HELOCs, are a convenient way to take money out in smaller chunks to pay for projects, vacations, college, or anything else! You take out what you need now and only repay what you borrow.

Our HELOCs include:

  • Borrowing up to 90%* of your home’s value
  • Terms up to 120 months
  • No or low closing costs
  • Interest only accrues on what you borrow
  • Easily access using online banking, debit card, or at any branch
  • Could be tax deductible (consult with a tax professional)

Payment Examples:

Based on 81-90% LTV loan: MINIMUM VARIABLE-RATE PAYMENT EXAMPLE: 
If you made only the minimum monthly payments and took no other credit advances, it would take 10 years to pay off a credit advance of $10,000 at an Annual Percentage Rate (APR) of 5.25%. During that period you would make 119 monthly payments of $100 and one final payment of $1,350.79.

Based on 80% or less LTV Loan: MINIMUM VARIABLE-RATE PAYMENT EXAMPLE:
If you made only the minimum monthly payments and took no other credit advances, it would take 10 years to pay off a credit advance of $10,000 at an Annual Percentage Rate (APR) of 4.25%.  During that period you would make 119 monthly payments of $100 and one final payment of $568.36.

Apply for a HELCO   Check HELOC Rates

*Home Equity and HELOC can borrow up to 90% LTV if you are qualified. Additional loans over 80% LTV are available and will need to comply with a HomeTown Home Equity loan program. The after improved value on the appraisal is used with a maximum LTV no greater than 80% of the loan amount. During the draw period you will make monthly payments on a pre-determined recurring date equal to 1.00% of your outstanding balance as of your last advance date.  Your payment will be rounded to the nearest whole dollar. Your payment will include any amounts past due and any amount by which you have exceeded your credit limit, and all other charges. Your payment will always be at least $100. Please see loan department for approval and full details.


 

Featured Rates