Home Equity Line of Credit The Bank of Monroe

Home Equity Line of Credit

Access the equity you have in your home through a Home Equity Line of Credit (HELOC).

Whether you need to make home improvements or finance major purchases like a child’s college education, put your home’s equity to work for you. Contact our team of lenders to get started today.

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.

10-year draw period followed by a 10-year repayment period
Local decisions and quick closings

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 4.00%. As of September 13, 2023 the Annual Percentage Rate (APR) ranged from 8.50% to 11.50%. 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

*Home Equity Lines of Credit will be given a maximum credit of $400.00 in closing costs.