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A HELOC is a line of credit secured by your home. Funds can be accessed from your line of credit up to seven years, during which you pay only interest on the amount you use. After the seven-year draw period, you enter a ten-year repayment period, where payments are based 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.
Easy Access: If you have an Emprise deposit account, simply use online banking or the mobile app to transfer funds from your line of credit to your checking or savings account. Or you can write a check, transfer funds over the phone, or visit your nearby branch.
Reusable: As you pay down the balance of your HELOC, you can reuse the available funds in the future.
Fees: $99 origination fee and no closing costs (unless an appraisal is required to confirm the value of your home).*
You can use the funds for whatever you need, but here are the most common uses:
|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.