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Home Equity Line of Credit

What is a HELOC?
A Home Equity Line of Credit* is a line of credit secured by the equity you have in your home. Once the line of credit is established, you can borrow as much as you need within the limit at any time during the term.*

Why choose a HELOC?
A Home Equity Line Of Credit*, or HELOC, is not just for remodeling your home.  It is a line of credit based on the equity in your home that can be used for any purpose.  If you don’t already have one, here are 5 compelling reasons why you should consider a HELOC:

1. Financial Security, Prepare for the Unimaginable
Without a HELOC in place, the only way to access the equity in your home might be to sell it.  This can take time you might not have.  If you have a HELOC in place before a life altering event takes place, you can access the equity in your home when you need it most.


2. Prepare for the Unexpected
New air conditioner, new roof, or major damage to your home or vehicle that’s not covered by insurance.  Maybe you fail to plan for some upcoming expenses like tuition or taxes.  With a HELOC in place, you are prepared to pay these expenses anytime, without the need to search for funding at the last minute. 


3. Tax Advantages
There are tax advantages associated with a home equity line of credit.  Imagine buying that new car and being able to deduct the interest as you do on a home loan.  You should consult your tax professional to see what specific tax advantages apply to your situation.

4. Consolidation
Interest rates on HELOCs are slightly higher than a first mortgage but much lower than on credit cards and other types of consumer loans.  Consolidating high interest debt is one of the most popular uses for a HELOC.

5. Remodel
If you have a project that is going to take six months to complete, you’re likely to need only 25% to 35% of the total loan amount upfront.  The rest will be paid in stages as the project progresses.  If you choose a signature loan, second mortgage, or cash out refinance, you begin paying interest on the entire amount borrowed immediately.  With a HELOC, you only pay interest on the money you are using. Your interest savings can be significant.  You can also benefit from a HELOC when the exact cost of a project is unknown in advance.

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*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.  The rate effective on the first day of the billing cycle will be based on the index as of the last day of the preceding month.  The APR range is 3.50% to 18.00%. 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%; mobile home w/land combination 70%. 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.

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