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Home Equity Lines of Credit

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What is a HELOC (Home Equity Line of Credit)?

A HELOC is a loan that uses the equity built up in your home to secure a credit line for other borrowing needs, such as debt consolidation, home improvements, or paying for college expenses. The amount you can borrow is calculated by subtracting the amount you owe on your mortgage (or loans that are secured by your home) from the appraised value of your home.

A HELOC is a revolving line of credit, so you can take draws as needed when unexpected expenses arise.

Please contact your CFBank Senior Mortgage Banker for more details.

Use a HELOC to save for your kid’s college tuition.


• CFBank is proud to offer Home Equity Lines of Credit in Ohio, Indiana, Kentucky.
• Available on primary and secondary single-family residences on 10 acres or less.
• Minimum loan amount of $10,000 and a max of $400,000.
• 10-year draw period with a 20-year repayment for a total term of 360 months.
• Interest-only payment during the draw period.
• Variable rate tied to prime, adjusts monthly.
• Floor APY of 3.00% and a maximum APY of 18.00%.
• Rates are quoted based on an initial draw of $5,000.
• Rates are subject to change at any time.
• “No closing costs” refers to any costs associated with the application, recording and property evaluation.
• $100 annual fee (the first annual fee is waived if the initial draw is >$5,000). Prepayment penalty of $425 if the line is closed within 3 years
• This account has a draw period of 10 years plus 1 month, after which you will be required to pay any amounts within a 20-year term.
• Hazard, property, and, if applicable, flood insurance required.
• Subject to credit approval.

HELOC Disclosure Booklet

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