HomeFree Home Equity Credit Lines
If you're like many homeowners, much of your assets are tied up in the house you live in. Sometimes you need to tap into that equity for many reasons: home improvement, higher education, bill consolidation, or other items. When you need access to the equity tied up in your home, a Home Equity Line of Credit could be the perfect choice.
For Home Equity Lines of Credit, we offer two great options, HomeFree and HomeFree IO. Both are great deals. Both programs have a great variable Prime For Life rate and offer the convenience of checks, online transfer advances and in-office advances. You can borrow up to 80% of the appraised value of your home minus your outstanding first mortgage balance, up to a maximum credit line of $50,000. You can take advances for five years with payback terms of ten years. Beyond these features, each program offers something for every homeowner’s preference.
With our HomeFree program, the rate varies quarterly and the monthly minimum payment is calculated to pay both interest and principle over ten years. This loan is well suited for the homeowner that plans to own the home for years to come, or who wants to pay down principle right away.
With our HomeFree IO program, the rate varies monthly but you’re only required to pay interest during the draw period (the first five years). At the end of the draw period, your minimum payment is calculated based on the principle balance, amortized over ten years. This plan is well suited for homeowners who may be planning to sell or refinance in the next couple of years and want to keep their monthly payment as low as possible.
Whichever plan you choose, we can help you tap into your unused equity.
