NO CLOSING COSTS!***
HELOCS and Home Equity Loans
-You want to remodel or update your home!
-You need to fund your child’s education!
-You want to go on a dream vacation!
The equity in your home may be able to finance those dreams.
Dan explains the differences between a HELOC and a Home Equity Loan in this short video.See a CUSB lender today to see if you qualify!
Home Equity Line of Credit (HELOC)
Sometimes referred to as a HELOC, a Home Equity Line of Credit lets you borrow against the equity you've built in your home to finance your dreams or needs. Customers can access their HELOC by using checks, asking for an advance in person, on the phone, or by using On-Line Banking.
Your credit line (or limit) is set when the loan is made, but you can draw against the line as you need it rather than receiving the entire loan as a lump sum. Whatever you borrow reduces your available credit line until you pay it down. Then you can borrow from it again.
Home Equity Lines of Credit have variable interest rates. The terms of repayment are spelled out in your agreement.
Home Equity Loan
A home equity loan is secured by the equity in your home. The loan is disbursed in a lump sum with a fixed rate. You then make monthly repayments over the term of the agreement.
***All closing costs are currently waived for CUSB Bank HELOCs. Current rate of 6.0% APR (Annual Percentage Rate) based on the Wall Street Journal U.S. Prime Rate plus 0.5% margin. If you set up automatic payments your APR based on the Wall Street Journal Prime Rate for as long as you maintain automatic payments. The current rate with automatic payments is 5.5% APR. Variable rates subject to change. Maximum rate of 20% APR. $15 annual fee. Normal credit standards apply. You must carry insurance on the property that secures the line of credit.