Home Equity Line-of-Credit
If you are a typical home owner and have owned your home for several years, your property has earned a profit for you by increasing in value due to inflation. Further, your regular monthly mortgage payments have reduced the amount you owe on your home. The difference between the current value of your home and what you owe on it is your approximate "home equity."
A Multi-Purpose Loan
This home equity can be used as collateral to secure a low rate loan which can be used for just about anything you can think of - home improvements or additions, a dream vacation, new appliances, a new vehicle, college education, or to consolidate high interest debt. What you use the loan for is up to you.
Advantages of Home Equity Lines
The savings and benefits of a Home Equity Line of Credit are tremendous! The loan is a pre-approved line of credit that is always there when you need it. You may use it all at once, or use it as you need it. You only make payments on the amount of the loan you have used. You may borrow up to 95% of your home's equity.
An additional advantage of the Home Equity Line is that the interest you pay may be tax-deductible (see your tax advisor for details) for those members who itemize on their tax returns.
Western Vista’s Low Rates and Special Terms
Rates for Home Equity Lines start at Prime Rate, plus .50%. The interest rate is variable and adjusted quarterly (Jan. 1, April 1, July 1, and Oct. 1) based on the WSJ Prime Rate. You may draw upon your home's equity on this loan for up to 10 years, and you have 15 years to repay the loan. Property must be owner occupied, single family 1-4 units residential. Payment equals 1.0% of the outstanding balance or $50 whichever is greater.
Annual Percentage rate (APR) is a variable rate and determined by the Prime Rate plus a margin determined by your credit score and the Loan-to-Value ratio of your home. The maximum APR that may be imposed is 18% APR. Subject to Credit approval. Rates are subject to change.