A Home Equity Line of Credit (HELOC) is a type of loan where you can borrow money using the equity in your home as collateral. The amount of equity in your home is the difference between the value of your home and the amount you owe on your mortgage. A HELOC is a revolving credit, which means that as you pay down your balance, you can continue to borrow against the available credit up to the limit of the loan - much like a credit card, but with much lower interest rates.
With a HELOC you benefit from being able to flexibly borrow only what you need for whenever and whatever you need it for. With a much lower interest rate than the average credit card interest rate, you can increase your spending power for those unexpected expenses without having to overpay in interest. Moreover, the interest paid may be tax deductible if the funds are used to improve or purchase a home.*
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*The Introductory Annual Percentage Rate (APR) is "discounted" meaning it is not based on the Index, which is the Wall Street Journal U.S. Prime Rate, and margin, which is 0.00%, used for later rate adjustments. This Introductory APR will be in effect for the first 3 months and begins on the date of account opening. During this “discounted” period, the APR is 5.059% and the Daily Periodic Rate is 0.0139%. For comparative purposes, currently, the non-discounted Index and margin APR is 8.50% and the Daily Periodic Rate is 0.02329%. After the first 3 months, the APR will be variable and can change daily. There is no limit on the amount by which the APR can change during any one year. However, under no circumstances will the APR exceed 18.00% per annum or go below 4.00% per annum at any time.
For an average $40,000 HELOC, the estimate for closing costs is $451 paid by the borrower after the $500 lender credit. These closing costs include a flood insurance determination charge of $18.00 and other closing costs that can vary by county and loan amount, such as title fees, appraiser fees, credit reporting fees, and government agency fees. There are no additional finance charges, not calculated by the daily periodic rate. If the Line of Credit is closed within three years of the agreement date, any lender-paid closing costs must be reimbursed to the lender. Offer is only for owner-occupied primary or secondary residences. All home equity lines of credit are subject to credit approval and is subject to change without notice.
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