Home Equity Line of Credit

Home equity lines of credit can help make home improvements

However, did you know you could also use the equity in your home for things like debt consolidation, a vehicle purchase, college expenses or that big vacation you’ve been wanting?

Home Equity, by definition, is the difference between what you owe on your home and what your home is worth. So, a Home Equity Line of Credit extends you credit by using that equity as collateral for the loan. An important ratio in a home equity transaction is your “loan-to-value”(LTV), which takes into account what you owe on your first mortgage and what you would like to borrow from the equity, and compares it to the appraised value of your home.

Some Important Things to Know:

  • We lend up to 90% loan-to-value.
  • Monthly payments are only 1% of the principal balance of your equity line.
  • We require a new property appraisal if it has been greater than 12 months since your property was last appraised, to ensure we are using a figure that is accurate and you receive the full benefit of your home’s true market value.
  • Quick Tip: The interest you pay on a home equity loan may be tax deductible. Consult your tax advisor for guidance.


Get Started Easily Online

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Or Contact Us

You can speak directly with Loan Servicing Manager, Ashley Hamm, at 919.736.5095.
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Home Equity Line of Credit Application