Home Equity Line of Credit
Use the equity in your home as a smarter way to borrow – with NO CLOSING COSTS.
Our Home Equity Line of Credit is a check-driven, open-ended line of credit that allows you to draw only the amount you need, whenever you need it, and whatever you need it for.
- Interest only payments for the first 10 years
- Rates adjust monthly and are based on the Wall Street Journal Prime Rate index, plus a margin
- Qualifying properties include owner and non-owner occupied 1-4 family homes
- Interest may be tax deductible1 (consult your tax advisor)
- Option to convert all or a portion of the balance to a fixed monthly payment
Convert a portion of your new or existing Home Equity Line of Credit to a fixed-rate loan!
Our HELOC Carve-Out option allows you to convert a portion of your outstanding HELOC balance to a fixed-rate loan. This can help carve out room in your budget by giving you predictable monthly payments and no worries about fluctuating interest rates!
- $5,000 minimum carve-out loan amount
- $100 Lock-in fee
- Maximum carve-out term is the remaining years of the initial interest-only draw period, up to a maximum of 10 years
- No more than three fixed-rate carve-outs at any one time
As you repay the fixed-rate loan, your available HELOC balance is once again available to borrow.
Home Equity Loan
Borrow against the equity in your home at a convenient fixed rate!
A Home Equity Loan (HELOAN) allows you to use the equity in your home to borrow a one-time lump sum for a renovation project with fixed costs. Home Equity Loans have a fixed interest rate with a structured repayment plan, making it easier to budget for than a variable rate Home Equity Line of Credit.
- $10,000 minimum loan amount
- 15-year repayment period
- $250 rate lock fee
*Annual Percentage Rate (APR) is variable monthly, based on index (Wall Street Journal Prime Rate) plus 0.00%. Prime Rate as of 2/24/2020 was 4.75%. Index is the highest prime rate published in The Wall Street Journal on the last business day before the start of each month’s billing cycle. 10-year draw. 15-year repayment period. Maximum APR, by law, is 18%. No annual fee. No prepayment penalty. Subject to credit approval. Available to qualified applicants. Maximum 80% combined loan-to-value ratio (CLTVR). Maximum loan amount of $250,000 for no closing costs offer. Offer applies to owner-occupied 1- to 4-family primary residences and second homes. Hazard and/or flood insurance required.
1Consult a tax advisor regarding the deductibility of interest.
Consumer Loans& Credit Cards
Whether you need an auto loan, a personal loan, or a rewards credit card, we offer flexible financing options to fit your needs.
We’re committed to helping you reach your savings goals. No matter what you’re saving for, the On Your Corner Savings accounts are an easy way to set money aside and let it grow.
We know no two customers are the same. That’s why we created a suite of On Your Corner Checking accounts to match what’s most important to your life.