Home Equity Line of Credit
Looking to use some of the equity in your home without having to refinance? A home equity line of credit might be right for you! Use it when you need it for home improvements, to pay expenses, or to consolidate other loans. With a HELOC, you are borrowing against the available equity in your home which is used as collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished – much like a credit card.
Terms and conditions apply.
Great Oaks Bank HELOC details:
• Available for Primary Residence only
• 10-year term
• Interest-only payments, final balloon payment due at maturity
• Variable rate
• The bank can lend up to 85% of the appraised value (minus 1st mortgage balance)
• $500 lender credit towards closing costs
• No loan origination fee
• $25,000 minimum loan amount
• $500,000 maximum loan amount
• Hazard insurance is required; flood insurance is required if the property is located in a flood zone
• If the line of credit is closed prior to 36 months from the origination date, the borrower will repay lender credit
Contact us to learn more: HELOC@greatoaks.bank