Make your "Maybe Someday" a Reality
Make the best use out of the built-up equity in your home.
A Home Equity Line of Credit from Security Bank provides you a greater level of flexibility for some of life's bigger expenses. Since it allows you to borrow funds as the need arises - it is a great option for funding home improvements, vacations, or even some of the fun "extras" like that new boat or camper you've been dreaming about!
What is a Home Equity Line of Credit?
Equity is the portion of your mortgage that you own, compared to that which you still owe to the lender.
Have you ever needed to make a significant purchase and didn’t have enough in savings or want to part with what you did have in savings to make it happen? If you have equity in your home, a Home Equity Line of Credit could be the answer.
< Watch the video to learn more about a HELOC
Curious how much equity you may have built up in your home?
Contact a Lender today to see if you are pre-qualified for a home equity line of credit.
| What is a Home Equity Line of Credit?
|A Home Equity Line of Credit is really similar to a credit card. The biggest difference is that while a credit card is unsecured, meaning the issuer of the credit card has no collateral, your interest rates are usually higher and averaging probably 16%. With a Home Equity Line of Credit you are actually using your home as collateral which bring your interest rate down substantially.
| What can I use my Home Equity Line of Credit for?
|You can use your Home Equity Line of Credit for a variety of purposes.We’ve seen people use their Home Equity Line for major improvements on their home, vacations for the family, wedding expenses, to purchase a vehicle, college tuition, just about anything you can think of you can use your home equity line of credit for.
| How much would my payment be?
|With a HELOC, the borrower is given a line of credit that is available for a set time frame (known as the draw period), usually up to 10 years. The draw period only requires interest only payments on the amount borrowed each month. The borrower may voluntarily make additional principal payments as they wish during the draw period, helping to pay off the line of credit faster. When the line of credit draw period expires, the borrower enters the repayment period, which can last up to 20 years. During the repayment period, the borrower will pay back the outstanding balance that is borrowed, as well as any interest owed. The borrower may have the option to extend the draw period by refinancing.
| Do I need to apply for each advance or how do I get my money?
|One of the nice features about a Home Equity Line of Credit is you don’t need to apply for each advance. The flexibility that comes with it allows you to simply write a check, go online to make a transfer from your Home Equity Line to your checking account, or call your lender to make the advance. You can even use our mobile app to manage your Home Equity Line of Credit. It is incredible easy to get the money once the line of credit has been setup. And another nice benefit too for some people is that the interest that you pay on a Home Equity Line of Credit could be tax deductible, but we always recommend that you talk to your tax preparer just to be sure.
Our friendly team members are here to help answer any questions you may have. Please reach out, we are here to help!
Contact Us Today