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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.

 

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.

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.

 

 

 

 

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