Consolidating home equity line credit
If your need for cash fluctuates, a HELOC may work best.
You only pay interest on the money you use, and you can draw on and repay your credit line over and over.
When you apply for a home equity loan, you can be approved for a specific amount of credit, which you can use for any purpose.
A home equity line of credit is different from a second mortgage, where you get a loan for a fixed amount and have regular mortgage payments.
Need cash for home improvements, debt consolidation…anything? Our network of lenders can provide all types of home equity loans and versatile home equity lines of credit (HELOC).
The credit limit on a home equity line of credit combined with a mortgage can be a maximum of 65% of your home’s purchase price or market value.
The amount of credit available in the home equity line of credit will go up to that credit limit as you pay down the principal on your mortgage.
Rates and terms are subject to change without notice. Property insurance, and if applicable, flood insurance is required.
Available to members with a credit score of 600 or better depending on credit qualifications.
A Home Equity Loan from The Bank of Elk River is the perfect way for you to get ahead.