With a Home Equity Line of Credit (HELOC),* you can use the equity in your home to buy the things you need at a low, secured rate. Once the line of credit is established, you can borrow as much as you need within the limit at any time during the term.* It’s a great option for ongoing or unexpected expenses, and applying is easy.
- Low, variable interest rates
- Multiple payment options
- No pre-payment penalty
- No closing costs*
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HELOC and Home Equity Loan Options
Home equity loans and HELOCs are great ways to use the equity you’ve built in your home for the things you need to accomplish. Determining the path that works best depends on your personal set of circumstances and needs.
Make Your House a Dream Home with Improvements
Stop and take a look around your house. Are you delighted with everything in it? Your home is where you spend a good portion of your day. It’s where you and your family build happy memories. And there’s no reason why it should be anything less than your dream home.
HELOC Versus Home Refinancing: Which to Choose?
If you’re a little bit confused about the differences between opening a HELOC and refinancing your mortgage, you’re not alone. Both are important financial tools that can help you get the most from the equity they've built up — but each works a bit differently, offering its own particular benefits.
*HELOC interest rates are variable, based on an index plus a margin and may vary after the account is open. The index is PRIME as published in the Wall Street Journal. When a range of rates has been published the highest rate will be used. We will use the most recent index value available to use as of 30 days before the date of any annual percentage adjustment. The annual percentage rate can change on the first day of each month. There is no limit on the amount by which the annual percentage rate can change during any one year period. The APR range is 8.75% to 14.50%. The rate is subject to adjust monthly. The margin will be based on your credit score, debt ratio, and loan to value – see lender for additional details. There is an annual fee in the amount of $60 which is waived the 1st year. The minimum loan amount is $10,000 with a required initial draw of $1,000. Twenty-four draws (6 per quarter) are allowed annually, with a 5 year draw period and a 10 year payback equaling a 15 year term. Monthly payments are 1.50% of the principal balance during the draw period and amortized to payoff in 10 years when the 5 year draw period is over. Property insurance with La Cap listed as lien holder is required, as is flood insurance if applicable. Loan to value allowed up to 80%. Higher loan to value will be determined on an exception basis. Closing cost will be $0.00 to $900. Closing cost does not include full appraisal fee if appraisal is required. La Cap will pay the closing costs; however, these costs will be charged back to the borrower(s) if the HELOC is closed within twenty-four (24) months of origination. Other restrictions may apply.