Home Equity Line of Credit
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.
- Low variable rate tied to Prime
- Up to 100% loan to value (restrictions apply)
- No loan origination fee or annual fees*
- 10-year draw followed by 15-year amortization
A home equity loan lets you borrow a fixed amount, secured by the equity in your home, at a fixed interest rate, and you receive the money in one lump sum. A home equity line of credit enables you to withdraw money as you need it up to a predetermined limit and repay the loan over a fixed term and typically with a variable interest rate that may increase or decrease over time.
Your borrowing ability is determined by the equity you have in your home as well as other factors, like your credit history. Call 503.220.2592 to speak with one of our home lending specialists to determine how much you could qualify for.
You can roughly estimate your available equity by subtracting all the debts secured by your home (i.e., your mortgage and any existing home equity loans) from your home’s estimated market value. For example, if the market value of your home is $200,000 and you owe $100,000, you have $100,000 available in home equity.
The amount of home equity you can borrow against is determined by the equity in your home as well as other factors, like your credit history.