A home equity line of credit is a revolving line of credit secured by your home that allows you to access the available equity you have in your home. With a home equity line of credit, you can borrow as much or as little as you need, whenever you need it, up to your established credit limit.
A typical rate for a home equity line of credit could be in the 4% range or even lower, although bear in mind that the variable APR would most likely rise over time. The real estate website Zillow.com estimated that U.S. home values had risen 7.7% in 2018 and predicted an increase of 6.4% in 2019.
Features & Benefits Competitive rates Borrow up to 80%* of the equity in your home Access your credit line by transferring funds, using your SEFCU Home.
In addition to a home equity line of credit, you can also get a savings secured line of credit or choose from several unsecured lines of credit including a Regions Credit Line or a Regions Preferred Credit Line. Rates and terms on HELOCs are competitive. Loan-to-Value Ratio: You can borrow up to 80% of the value of your home.
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Also, since most credit cards have variable interest rates, minimum payment amounts frequently increase. [Important: A home equity loan is typically referred to as a "HELOC", which stands for Home.
Home equity lines of credit (HELOC) allow you to borrow money using the equity or value of your home as collateral. HELOCs may be a better alternative than a credit card, or personal loan, as rates tend to be lower (as the loan is tied to your home), and interest paid may be tax deductible.
The minimum draw on a home equity line of credit is $300 for properties in all states except Texas, where lines attached to homestead properties have a minimum draw of $4,000. If less than the minimum draw amount is available on the line, you may not draw again until the minimum amount is available.
*Home Equity Line of Credit rates as of January 02, 2019. The introductory rate of 2.99% APR applies for the first 12 months. Following the introductory period, the APR may vary quarterly, based on the then-current prime rate, as published in the Wall Street Journal (currently 5.50% APR), plus a margin of 0%.
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Access cash from the equity in your home, apply for a Chase Home Equity Line of Credit today.
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