doubleclick
close
Lost or Stolen Card

Call-414-421-8200 Monday-Friday during business hours or 1-800-472-3272 after hours / weekends

24 Hour Account Access

1-866-PYRAMAX
bilingual option available

Need more Information?
FAQ Contact Form Send Secure Email More...

Home Equity Line of Credit (HELOC)

Now is a great time to utilize a Home Equity Line of Credit (HELOC)! PyraMax Bank also continues to offer interest-only payments, a benefit that you may not find elsewhere!
 

 

Click Here to Apply Online

 

 

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.

 

 

 

 

Hear From Our Clients

Please Note: By clicking on this link, you will be leaving PyraMaxBank.com. PyraMax Bank is not responsible for any content within this website. Third party websites may have privacy and security policies different from PyraMax Bank. Please review the privacy and security policies of websites reached through links from the PyraMax Bank website.


You will now be directed to:
Link here


Click the link above to continue or

Cancel