Home Equity Line of Credit
What is a home equity line of credit (HELOC)?
A home equity line of credit (HELOC) is a line of credit secured by your home that gives you a revolving credit line. These funds can be used for home renovations, college tuition, debt consolidation, emergencies, or however else you see fit!
A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. Please consult your tax advisor regarding interest deductibility as tax rules may have changed.
How does a HELOC work?
A HELOC lets you borrow against available equity with your home as collateral. As you repay your outstanding balance, the amount of available credit is replenished. This means you can borrow against it as little or as much as you need to throughout your draw period (10 years) up to the credit limit you have established. Once the draw period concludes, the repayment period (15 years) will begin.
- Variable Rate Priced at Prime + Zero (Current APR is 7.500%)
- Maximum APR is 15.000%
- No Application fee, annual fee, or closing costs*
- Up to 80% Loan to Value
- Minimum Line Amount is $10,000
- 10 Year Draw Period
- 15 Year Repayment Period
- All loans are subject to credit approval.
*The Closing Costs (fees) are waived if the line is maintained for three years. If not maintained for three years, the closing costs (fees) are subject to repayment and may vary in amount based on loan amount.
*APR=Annual Percentage Rate
Subject to change without notice.
If you know what you are looking for and are ready to apply, fill out this Home Equity Line of Credit Application. A dedicated Seneca Savings Team Member will follow up with you to complete the process. Questions and wanting direction? Reach out to us today and we’d be honored to build that bridge with you.
