Home Equity Lines of Credit (HELOC)
Core Bank offers flexible home equity lines of credit to our customers. Whether you’re financing a home improvement project or funding your child’s college tuition, we’re here to help!
How Does a HELOC Work?
Home equity lines of credit allow you to borrow a lump sum against the equity of your home as collateral. Your home’s equity is the current property value minus the amount that you owe. With a home equity line of credit, you can also pay down the borrowed amount, then spend up to your available limit multiple times.
How Can I Use a Home Equity Line of Credit?
You can use a home equity line of credit or HELOC for a variety of purposes.
- Finish Home Improvement Projects or Repairs
- Consolidate Personal Debt
- Fund Your Wedding or Education
- Pay for Business Expenses
- Cover Medical Bills
- Finance a Vehicle or Large Purchases
- Plan a Dream Vacation
Want to learn more about home equity lines of credit, how to get a good rate, or if the interest is tax deductible? When you work with Core Bank, our team of experienced professionals will help you understand HELOCs and what you need to do to get one!
Home Equity Line of Credit with Core Bank
Home equity lines of credit operate similarly to a credit card, offering you the flexibility to draw money as you need it so you only pay interest on the money that you use. Note that HELOC interest rates fluctuate over the life of the loan, meaning your monthly payments can change. On top of that, you’d have to be disciplined and track the amount of money you withdraw each time or you might overspend more than your home equity.
Why Choose Core Bank for a HELOC?
Choose Core Bank for flexible HELOC rates, easy refinancing, and terms unique to your credit score and situation.
Competitive Interest Rates
Benefit from our variable interest rates and unique repayment structure. Pay only interest for the first 61 months for more flexibility in your budget before transitioning to Principal and Interest (PNI) payments.
Easy Refinancing Options
Refinancing is hassle-free with Core Bank. Adjust your terms easily to suit your changing financial needs and enjoy a smoother loan experience.
Personalized Rates Based on Credit Score
We value your credit responsibility, which is why we offer personalized terms tailored to your credit standing. The better your credit score, the better interest rate you can receive.
Home Equity Line of Credit (HELOC) FAQs
How do I get a HELOC?
You may apply for a Home Equity Line of Credit online or contact our team at Core Bank to get started.
How do I pay off HELOCs?
HELOC loans are similar to a credit card, where you can draw money from the credit line up to your credit limit. During this draw period, you make monthly payments covering the interest on the amount you’ve taken out. Once the draw period is over, you can make regular monthly payments that include both the remaining principle amount and interest during the repayment period, similar to that of a regular loan.
What happens if I miss a payment?
If you miss a payment on your home equity line of credit, it will be tacked onto the principle and doubles your interest-only payment.
Are home equity lines of credit tax deductible?
HELOC interest is tax-deductible if your mortgage debt is within government limits and the borrowed money was used to build, buy, or improve your home. Consult a qualified tax advisor for more information on what’s allowable.
Contact Core Bank
If you’re ready to get pre-approved for a HELOC from Core Bank, apply online or get in touch with our qualified team today!
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