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Home Equity Line of Credit (HELOC)

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

  • 3.00% APR* 18 Month Intro Rate!
  • Non-Intro Rates as low as 4.00% APR!

Please visit your local PyraMax Bank branch to apply.

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.

 

 

*3.00% fixed Annual Percentage Rate (APR)  for 18 months available for loans secured by primary residence up to 80% LTV for borrowers with a credit score of 650 or higher and loan amount of $150,000 or less.  After 18 months the rate is based on the Wall Street Journal Prime rate plus a margin if applicable with a floor rate of 4.00%.  The APR during the repayment period is variable with a maximum APR of 18.00%.  Other terms are available.  This loan has a 5 year draw period. Payments during the draw period are interest only.  If only interest is paid all amounts drawn are owed at the end of the draw period and monthly payments will increase during the repayment period.  This loan has a repayment period of 20 years.  Payments during the repayment period are principal and interest payments based on the balance at the beginning of the repayment period.   Payments on $100,000 for 20 years at 4.00% APR would be $605.98, or $6.06 per thousand borrowed.  Full hazard insurance is required.  Standard closing costs are waived on loans less than $100,000.   Closing costs for loans over $100,000 range between $345 and $800. This loan is subject to a $50 annual fee during the draw period.  This fee is waived the first year.  This loan is subject to an early termination fee of $300 if the loan is  closed within the first 24 months.  Offer and APR may expire at any time without notice.  Excludes PyraMax  Bank refinances unless the loan is maturing or the new loan adds at least $10,000 to the principal balance.  All loans subject to credit approval and accepted terms. 

 

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