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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.


NEW! 125th Anniversary Special

1.25 % APR Fixed for 6 months1

4.00% APR Variable for the remaining term1

No Application Fees or Closing Costs2



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.




1Introductory APR (Annual Percentage Rate) of 1.25% will be fixed during the 6-month introductory period. After the 6-month introductory period, the variable rate is indexed to Prime Rate (as published in the Wall Street Journal), currently 4.00% APR, plus a margin based on credit qualification.   Payments during the 5-year draw period are interest only. Payments during repayment period are amortized principal and interest, with a variable APR indexed to Prime Rate (as published in the Wall Street Journal), plus a margin based on credit qualification.  If only interest is paid during the draw period, 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 on $99,999 for 20 years at 4.25% APR would be $646.22 or $6.46 per thousand borrowed.  Other terms are available, and are based on credit qualification and combined loan-to-value (CLTV).  Minimum loan amount $5000, maximum loan amount $150,000. Secured by primary residence.  Credit score of 650 to 724 eligible for up to 80% CLTV.  Credit score of 725 or higher eligible for up to 85% CLTV.  Variable APR after 6-month introductory period cannot exceed 18%, and will never fall below 4.25%.  Full hazard insurance required.  Loan is subject to a $50 annual maintenance fee after the first year.  Early termination fee of $500 for closing the HELOC within 24 months of opening. Offer excludes PyraMax Bank refinances unless the loan is maturing and HELOC draw balance is increased by $10,000 at closing.  Other restrictions may apply. Consult your tax adviser. Rates effective 03/17/2020. Offer may expire at any time without notice.

2Closing costs waived for loans less than $100,000.  Closing costs for loans of $100,000 and above range from $325 to $800. 





125th Anniversary Specials

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