Tap into what you own. You’ve invested in your home and can easily tap into its value. Access low interest funds for that next home improvement, debt consolidation or purchasing whatever your life circumstances warrant.
Types of Home Equity Loans
Which one is right for you?
Features & benefits
Home equity loan
(for specific expense)
(for anticipated expenses)
|Rate||Fixed Rate See Rates||Variable Rate Intro rate of 1.99% for 6 months|
|Receive lump sum||–|
|Draw as needed in person, by check and Online Banking||–|
|Interest on drawn amount only||–|
|Interest may be tax deductible**|
|No application fees|
|No prepayment penalties|
|No closing costs|
|Borrow up to 95% of the value of your home|
|Terms||5, 10, 15 and 20 year terms available||10 year draw period followed by 20 year repayment period|
Estimate your monthly home equity payment
How much can you borrow?
Results are approximate and intended for information only.
The accuracy of the results is not guaranteed by the financial institution.
Here are some ideas to get you started
Remodel, renovate, and upgrade your property.
With this traditional use of home equity, well-planned improvements could lead to a return on your investment and greater satisfaction from your property.
Speak with an Advocate today for tips on how to make your home equity work for you.
Pay all of your debt down together.
Use your home equity to combine multiple outstanding balances, allowing you to reduce your debt faster by making one monthly payment.
Speak with an Advocate today about how your home equity can make more room in your budget.
Surprise yourself by being prepared.
Your home equity could provide a handy solution if something out of the ordinary happens.
Speak with an Advocate today about how your home equity can always be in your back pocket.
Pay off your education at a smart rate.
If you have student loans on your books, your home equity could help consolidate them for a lower rate and more convenient monthly payment.
Speak with an Advocate today about how your home equity can be the answer you need.
Lighten the weight of heavy purchases.
Your home equity could provide an affordable way to pay for significant, one-time expenses, like appliances, furniture, or even a wedding.
Speak with an Advocate today about how your home equity can help you purchase what you want or need.
*APR = Annual Percentage Rate: The 1.99% annual percentage rate is an introductory fixed rate for the first 6 months from the loan open date for qualified home equity line of credit borrowers and are subject to credit approval and loan to value restrictions. Rates may vary depending on credit worthiness and value of your home. The 1.99% promotional rate applies only for new advances. Refinancing within 24 months of existing Proponent HELOC’s does not qualify for the promotional rate. Promotional Information: Your monthly payment during the promotional period will be calculated on the total loan balance at the fully indexed rate. After an advance, the loan will recalculate out to a 240 month repayment and interest will be calculated on the advanced balance at the promotional rate. At the end of the promotional period, the total loan balance will be subject to the prevailing rate as set forth in the original loan documents. Rate after 6 months from the open date will float with the Prime Rate, under the terms of our credit line agreement. The HELOC interest rate is based on the Prime Rate minus 0.50% with a floor of 4.00%. Rates are subject to change without notice. Restrictions may apply. Home Equity Line of Credit loans are available up to 95% Loan to Value on primary residences and up to 85% Loan to Value on condominiums.
The minimum loan amount is $7,500.00. State specific tax fees may apply at closing. Homeowner’s insurance is required; flood insurance is required where applicable.
**Ask your tax advisor.