Home Equity Line of Credit - HELOC
Apply For a Home Equity Line of Credit (HELOC)
Gain access to funds that can help you reach your financial dreams of renovating your home, paying for college tuition or consolidating your debt.
Put your home to work for you, by using a line of credit with your home's equity, to help you pursue your financial endeavors.
Use a HELOC to fund home improvements, education, medical bills, a wedding or to help you consolidate bills.
With a HELOC, you can add financial flexibility to your life, using your home equity to secure a revolving line of credit. Borrow the amount you need (up to the available limit), exactly when you need it. As you repay the loan, you replenish your available credit.
|A flexible line of credit that can be used over and over again|
|Payments as low as "interest only"|
|Interest is only charged on the amount you borrow|
|The ability to lock in your interest rate|
|No closing costs|
|Competitive, low interest rates|
|Interest may be tax deductible (consult your tax advisor)|
|Quick, convenient access using checks or online transfers|
Want to know more about a HELOC?
As you pay off your home loan, you build equity (equity is the difference between your home value and loan amount). With a home equity line of credit, you can access that equity and use it to make purchases. What’s even better is that home equity lines of credit offer additional benefits over traditional loans or credit cards, including competitive rates, low closing costs and possible tax deductibility. Consult your tax advisor.
How does a HELOC differ from a home equity loan?
The simplest way to understand the difference between the two is this: A line of credit remains available to you even after your balance is paid off. A loan, on the other hand, is a one-time transaction that's paid off over time with regularly scheduled payments of principal and interest.
How much home equity do I have?
Finding out how much equity you have in your home is easy. It’s just a matter of completing this simple calculation.
|1||Estimate the value of your home. You can get approximate information by looking into your property tax assessment or the recent sale prices of similar homes in your area. Keep in mind these are just estimates and lenders will usually have an appraisal performed in order to determine your home's value.|
|2||Calculate the total of any mortgage(s) and any liens on the property.|
|3||Subtract the total amount of any mortgages and any liens from your approximate home value.|
For example, if your home is worth $150,000 and you have a $100,000 mortgage remaining, you have $50,000 in home equity. Typically you may be able to borrow a portion of this equity.
There are many factors that determine whether you’ll qualify and how much you’ll qualify for, so apply online, contact us today or visit an Associated Bank near you to find out more about a home equity line of credit.
* The Wisconsin’s #1 Mortgage Lender designation is based on information gathered from the Home Mortgage Disclosure Act data compiled annually by the Bureau of Consumer Financial Protection. The results of the data were obtained through the Bureau of Consumer Financial Protection Mortgage Database (HMDA), June 2018.