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.”
Advantages of Home Equity Lines of credit
- 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.
- The interest you pay may be tax-deductible (see your tax advisor for details) for those members who itemize on their tax returns.
- 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.
Second Mortgage Loan
Mix a little bit of imagination with your home’s equity, and you’ll discover amazing possibilities. Western Vista offers a home equity line of credit that you can use when you need it. Home values have been on the rise, so take advantage of our great rates and tackle that major renovation, use it for debt consolidation, or even to finance your child’s education. We’ll be with you every step of the way.
You’ll enjoy these benefits:
- No application fees
- No prepayment penalty
- Easy access to funds through online banking
- Locked-in payments with our Fixed Rate Option
Home Equity Line of Credit (HELOC) Terms & Conditions
HELOC rates are variable and based on the Wall Street Journal Prime Rate, with adjustments made quarterly. The APR is determined by the Prime Rate plus a margin based on your credit score and loan-to-value ratio. The maximum APR is 18%.
You may draw on your available credit for up to 10 years, followed by a 15-year repayment period. Payments are equal to 1.0% of the outstanding balance or $50, whichever is greater.
Property must be owner-occupied residential real estate (1–4 units). All loans are subject to credit approval. Rates and terms are subject to change.
Call or text us today to get started: 1-800-310-2197
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