How long is the draw period?
Our current HELOC has a 20-year draw period. The total loan term is also 20 years, meaning the line matures at the end of that period. There is no additional 20-year repayment period.
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What is the difference between a home equity loan and a home equity lines of credit (HELOC)?
A HELOC provides revolving access to funds during its draw period. A home equity loan typically provides a lump sum with a set repayment schedule.
How much home equity loan can I borrow?
Your approved limit depends on factors such as your property value, existing liens, income, credit history, and underwriting requirements. A Loan Advisor can help you explore your options.
What can I use a HELOC for?
Common uses include home improvements, major purchases, education expenses, unexpected expenses, and debt consolidation. Consider your budget carefully because your home secures the line of credit.
How does a HELOC work?
During the draw period, you can borrow available funds as needed. When you repay principal, that amount generally becomes available to borrow again, subject to your agreement. Interest is charged on the amount borrowed, not the entire credit limit.
What is a HELOC?
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home. It allows you to borrow against available equity, up to an approved credit limit, during the draw period.
Who can I contact if I have questions?
Our Home Loan Advisors are here to help. Whether you’re buying your first home, moving into your next home, refinancing, or simply exploring your options, contact us and we’ll help you determine your next step.
Can I apply before I find a home?
Yes. In fact, getting prequalified before you begin shopping can help you understand your potential buying power and make your home search more focused.
What is included in my monthly mortgage payment?
Depending on your loan and how your account is structured, your monthly housing payment may include principal, interest, property taxes, homeowners insurance, mortgage insurance, and applicable HOA dues. Your Home Loan Advisor can help you understand your estimated total monthly housing expense.
How long does the mortgage process take?
Timing varies depending on the loan program, property, documentation, appraisal or valuation requirements, and complexity of the transaction. Providing requested documents promptly can help keep the process moving.
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