Home Equity FAQs

The interest rate could change four times a year on the Home Equity Line Of Credit.  The changes take place on the first day of every quarter (January 1, April 1, July 1 and October 1).

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Both are considered second mortgages, with a home equity loan all loaned funds will be paid to the borrower at closing.  A home equity line of credit provides you with a credit line that you can borrow against at any time within a set time limit and up to a maximum amount.

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Closing costs apply to Home Equity Loans and Home Equity Lines of Credit and are the borrower’s responsibility. Costs may vary based on factors such as property location, loan amount, and applicable state or local requirements. Fees may include third-party charges for services such as credit reports, property searches, recording, taxes, and property valuation, if required. Closing costs may be paid at closing, financed into the loan amount where permitted, or deducted from loan proceeds.

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Yes, you will always receive a copy of your appraisal.

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When you get a Home Equity Line, you access the ability to draw money, whenever you want, for a period of time.  You only pay interest on the amount you borrow.  You may borrow money, then pay back the money you borrowed and borrow again against the line of credit.  You typically access the line with a check. 

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Nothing, they are simply two different names for a loan that is taken out against your home to get cash for any variety of uses.  A Home Equity Loan is a type of Second Mortgage.

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To increase a HELOC loan amount you may call a loan officer at 800-451-5626, visit any of our branch offices or apply online at the Loan tab on our home page.

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Appraisals are good up to six months.

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We use First American Title. 

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Yes. Home Equity Lines of Credit require a minimum initial draw of $10,000 at account opening. Additional advances must be at least $500.

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