Our Home Equity Line of Credit Loan is another way to let your home work for you. Use the money to pay for home improvements, college tuition, bill consolidation, a new car, or anything else you want. Borrow up to 80% of the appraised market value of your home, minus what you owe on your current mortgage, for a credit line between $10,000 and $250,000.
This open line-of-credit is for a 7- year term with a 15-year payback from the date of your last advance. The interest rate is subject to change. (The adjustable rate is based upon the 90 day T-Bill plus 4.00%.) The rate changes quarterly.
Additionally, interest on a Home Equity Line of Credit Loan may be tax deductible, consult your tax advisor for more details.