Your Mortgage Loan Specialists
Open a Home Equity Line of Credit
Big expenses on the horizon? Your home’s equity can make them happen. A CVNB home equity line of credit may be your solution.
What is a HELOC?
A home equity line of credit, or HELOC, is a 10-year line of credit that allows you to borrow the funds, whenever you want. After the draw period, the HELOC goes into repayment and you’ll pay the balance over a set period of time.
What can I do with HELOC?
You can use the equity in your home to find money quickly for major purchases or expenses. Some expenses a HELOC can be used for include:
- Home remodel or improvements, such as a new pool
- Pay for college tuition or vacation
- Start up a business
- Debt consolidation
Find out your equity and apply
The first step in getting approved for a HELOC is knowing how much equity you have in your home. A mortgage specialist will request an appraisal to determine your home’s value, then factor in your outstanding mortgage balance to determine the equity. As with any other loan application, they may request a credit report and documentation such as proof of income to assess loan-to-value.
There’s no application fee for a HELOC. Closing costs are discounted and often there are none.
Apply for a HELOC by using the CVNB home loan application. After you complete the online application, a CVNB loan specialist will contact you to discuss how a HELOC will work for your financial needs.