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As you repay your outstanding balance, the amount of available credit is replenished, which means you can borrow against it again during the draw period.
Home Equity Line of Credit (HELOC). Maximum Loan to Value 90%. Manufactured Homes do not qualify. Hazard Insurance is required. Flood Insurance may be required. This is a variable rate product and rates are subject to predetermined margins at or above the prime lending rate as published in the Wall Street Journal or some other similar publication and may change daily but will never go below 3.25%. As of June 1, 2020 the Annual Percentage Rate (APR) ranged from 3.25% to 6.25%. Maximum APR is 18%. If HELOC pays off within 24 months of opening there will be a charge equal to the closing costs paid by the Bank. There is a $50.00 annual fee. Consult a tax adviser regarding the ability to use the interest as a tax deduction.
*Subject to credit approval
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