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What is a Home Equity Line of Credit?
More and more lenders are offering home equity lines of credit (often referred to as a HELOC). A HELOC is a revolving line of credit that is secured using your home as collateral. Typically, equity is determined by the difference of the value of your home less any current loan amount(s) that are secured by the home as well.
By using the equity in your home, you may qualify for a specified amount of credit, which would be calculated based on a loan to value ratio that may vary with each program. The line of credit would then be available for use for a period of time (draw period), at an interest rate that is relatively low when compared with other types of consumer loans. When determining the line of credit limit, the lender will also consider your ability to repay, by looking at your income, debts, and other financial obligations, as well as your credit history. Furthermore, under the tax law - depending on your specific situation* - you may have the added benefit of deducting interest you pay because the debt is secured by your primary residence.
Is a HELOC right for me?
If you are in the market for credit, a home equity plan may be right for you. Because the home is likely to be a consumer's largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for
day-to-day expenses. Before making a decision, you should weigh carefully the costs of a home equity line against the benefits.
Northern Skies offers two types of Home Equity loan solutions. The Mini HELOC allows you to borrow up to $15,000.00 without any equity in your residence. A standard HELOC provides a more generous loan amount based on your home’s value. Closing costs with each type are minimal and since this is a revolving credit line, it can be used over and over again for up to five years. We strive to offer accommodating repayment terms that work uniquely for you.
*Please consult with your tax professional.
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So, you've probably heard about our PEAK Rewards Checking Account. You know, the one that gives you FREE money just for doing the account basics like having online banking and using your debit card. So why haven't you made the switch yet? Visit our website or stop by one of our branches to take the plunge today!
Earn 5.00%APY on balances up to $15,000
Get ATM fee refunds
*When qualifying criteria is met.
Start the year right, by investing in your future. You can still make a 2018 contribution to your IRA account through April 15, 2019.