What is a HELOC (Home Equity Line of Credit)?
A HELOC is an investment tool that uses the equity built up in your home to invest in your future financial security, home improvements, or even saving for a kid’s college fund. 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. CFBank is proud to offer Home Equity Lines of Credit in all 50 states. Available on primary
and secondary single family residences on 5 acres of less. Minimum loan amount of $10,000 and max of $400,000. 10 year draw period with a 20 year re-payment for a total term of 360 months. Interest only payment during the draw period. – Floating rate tied to prime, adjusts monthly. Floor rate of 3.00% and a maximum rate 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.
• $60 annual fee (the ﬁrst annual fee is waived if the initial draw is >$5,000). Prepayment penalty of $350 if the line is closed within 3 years of the note date. Fees may be imposed for late payments.
• This account has a draw period of 10 years plus 1 month, after which you will be required to repay any amounts within a 20-year term.
• Hazard, property and, if applicable, ﬂood insurance required.