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When it comes to house renovations, we’re all waiting for someday. Someday we’ll take that awful 1960s wallpaper down. Someday we’ll rip that stained carpet up and reveal those beautifully preserved hardwood floors. Someday you’ll have the house of your dreams. But with a Home Equity Line of Credit, someday is today. Stop waiting. Start renovating.
A HELOC is your home’s equity working for you. Based on the equity of your home, you can secure a revolving line of credit, much like a credit card. You can use the funds from that line of credit for up to seven years and pay interest only on the amount you use. After those seven years, you move into a ten-year repayment period and pay on the amount borrowed plus interest.
Flexibility: With a line of credit, you have the flexibility to use how much you need, when you need it. Like when you decide carpet has no place in your bathroom.
Easy Access: If you have a deposit account with us, simply use online banking or the mobile app to transfer funds from your line of credit to your Emprise checking or savings account when you're ready to work on that renovation project.
Reusable: Like a credit card, as you pay down on your HELOC, you can reuse the available balance.
Fees: Just a $99–$350 origination fee to get you started, but no closing costs (unless we need an appraisal to confirm the value of your home).*
You can use the funds for whatever your heart desires, but here are some ideas for inspiration:
|EZ HELOC||Standard HELOC|
|Loan Amounts||$5,000 - $25,000||Over $25,000|
|Appraisals||No appraisal in most cases*||May be needed to confirm home value|
|Turnaround||Typically closes within 24-48 hours||Typically closes within 20 days, subject to appraisal requirements|
Choose a home equity loan if you know exactly how much you need and want to receive your money in one lump sum. With a home equity loan, you have peace of mind knowing your interest rate and monthly payments will be fixed for the life of the loan.
*Origination fee of $99.00-$350.00 applies to all HELOCs. As of June 1, 2021, the variable rate for owner-occupied HELOCs ranges from a low of 4.25% APR (Annual Percentage Rate) to a high of 6.25% APR, with no discounts. Initial rates are determined based upon the specific characteristics of the transaction including but not limited to applicant’s credit, LTV and amount requested. The APR will change with the market based on the Prime Rate as published in the Wall Street Journal. Minimum loan amount of $5,000.00. A full appraisal may be required in some instances and will result in an additional appraisal fee. Maximum combined LTV is 89% of the lesser of the appraised value or the purchase price, whichever is less, and including any prior mortgages or liens. Funds can be drawn from for 7 years, during which time interest-only payments are required. After the 7 year draw period, a 10 year repayment period is entered, during which time payments of both principal borrowed and interest are required. Property insurance is required.
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