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Home Equity Line of Credit (HELOC)

A PyraMax Bank Home Equity Line of Credit (HELOC) allows flexible usage over the length of the loan. Budget friendly interest only payments provide flexibility. With low closing costs, a low annual fee and competitive interest rates this is a great tool for your lending and cash flow needs.

Current Special:

  • Prime Rate minus .50% APR

 

Click Here to Apply Online

 

Items Needed for All Loan Applications:

  • Most Recent W-2’s
  • Most Recent Paystub
  • Copy of Driver’s License or ID
  • Last Two Years of Tax Returns if self-employed or own rental property
  • Current awards letter from Social Security (if applicable)
  • Proof of Pension or Retirement income (if applicable)
  • 1099 Forms (if applicable)

 

What Are The Advantages of a HELOC?

You may have seen the term "HELOC" floating around our website, but you might be confused as to what that really means. Allow us to explain; HELOC stands for Home Equity Line of Credit. Essentially, it is used very similarly to a credit card, with a spending limit in which case a home is used as collateral. While this is very similar to a loan, there are many advantages of taking a line of credit over other a loan. Consider the following when exploring your financial options:

1. Flexibility

Unlike a loan, lines of credit provide the flexibility of drawing money as you need it. Rather than being issued an entire amount of borrowed money at once, you have the ability to borrow against your home up to the amount of the credit line. Much like a credit card, you can also borrow your money back if you need to. For example, if you have a $50,000 line of credit, and you've already paid back $30,000, you can still borrow over the remaining $20,000. Granted that this will tap into the money that you've already paid back, but if you need additional money, you will not have to take out an additional loan or line of credit.

2. Payment Options*

Payment is also flexible to an extent. While you are required to make a monthly payment, you have the option to make a payment of as much or as little as you want, as long as it exceeds the minimum required payment. If you would like to pay off your line of credit before the end of your draw period, you are allowed to do so.

3. Quicker Process

Because there is less required to apply for a HELOC, you will generally move through the application process faster than if you were to apply for a mortgage. While mortgages can take a matter of months, a HELOC can be issued to you within a few weeks.

If you prefer flexibility, payments that fit your spending habits, a smooth process, and most of all a great rate, then a HELOC is for you. Find out more information by contacting your local branch, or view more rates and information by clicking here. If you would like to apply online for a HELOC, you can do that below.

 

* The Annual Percentage Rate (APR) will vary based on Prime Rate. Current Prime Rate (as published in the Wall Street Journal) is 4.75%. Offered APR of prime rate minus .50% available during the 5-year draw period and 20-year repayment period for loans up to $99,999 secured by primary residence, up to 80% loan-to-value(LTV), credit score of 701 or higher, with monthly loan payment auto-deduct from a PyraMax Bank checking account set up at loan closing. Subject to credit approval. Other terms are available. Payments during draw period are interest only.  Floor rate of 4.25%.  Ceiling rate of 18.00%. If only interest is paid, all amounts drawn are owed at the end of the draw period and monthly payments will increase when the 20-year repayment period begins.   Payments during the repayment period are amortized principal and interest.  Payments on $99,999 for 20 years at 4.25% APR would be $619.23 or $6.19 per thousand borrowed.  Full hazard insurance required. Loan is subject to a $50 annual maintenance fee after the first year.  Early termination fee of $300 for closing the line within 24 months of opening. Other restrictions may apply. Consult your tax adviser. Rates effective 3/1/2018. Offer may expire at any time without notice. 

 

 

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