Your home has a hidden superpower: it can turn your dreams into reality! Tap into your home’s equity with a HELOC to provide funding for what matters most to you.
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We also offer HELOCs with different rates, fees, or terms for consumers with special situations and unique circumstances:
HELOC stands for “home equity line of credit.” It’s a revolving credit line that lets you tap into your home’s equity to provide funding for what is most important to you. It’s similar to a credit card, where you can borrow as much as you need, whenever you need it, as long as you don’t exceed your credit limit.
HELOCs are flexible, so you can use them for all kinds of things! Secure a down payment on a second home, complete a home renovation, consolidate debt, or pay for important life plans like college tuition, dream vacations, and more. When you use a HELOC, it’s on the house.
HELOC interest can sometimes be tax deductible, but that can depend on factors like how you use the funds and your specific tax situation. We recommend checking with your tax advisor for advice!
A home equity loan gives you a one – time lump sum, while a HELOC is more like a credit card. During your draw period, you can borrow and repay as much of your available equity as you want, as long as you don’t exceed your credit limit.
The most important HELOC requirement: you need to have available equity in your home. This often means meeting a required loan-to- value percentage as well. And, as with any loan, a good credit score is always important!
A home equity line of credit isn’t the only way to achieve your dream home:
Our Home Equity Specialist, Gail Colella, knows just how to provide a relaxed, straightforward, and convenient borrowing experience. If you have any questions, she’s sure to have answers!
We’re not just your bank. We’re your neighbors, and we’re committed to serving you with the same steadfast community values we were founded on. Let’s conquer your finances together.
*Annual Percentage Rate (APR) as of November 1, 2023. Maximum APR is 18%. Available for primary residences or secondary homes to new Home Equity Line of Credit (HELOC) borrowers only. Maximum combined loan-to-value of 80%. Draw on the line for up to 10 years followed by up to 10 years to repay the funds used. Line amounts up to $250,000 are offered with complimentary closing costs. Line amounts over $250,000 or first mortgage liens will require title insurance to be paid by the borrower at closing. Additional borrower paid costs in the range of $250-$1,000 is required at closing on property held in trust. Borrower is required to open a free NB Checking account to access the HELOC. Property insurance is required. Subject to credit approval. An Early Termination Fee of $500 will apply if the HELOC is closed within 24 months. NMLS #2141744.
**After first 12 monthly billing cycles a floor rate of 3.00% APR would apply if the Prime Rate is below 3.00%. Prime Rate as of November 1, 2023 is 8.50%.
***Some restrictions apply.