A Home Equity Line of Credit (HELOC) is a revolving line of credit that is secured by your home’s equity. With a HELOC, you’re borrowing against the available equity in your home and the house is used as collateral.
Because HELOCs use your home as collateral, they usually have much better interest terms than personal loans, credit cards, and other unsecured debt.
Just like a credit card, the amount of available credit is replenished when payments are made on your outstanding balance. This means you can borrow as much or as little of your available balance as you need throughout your draw period (up to 10 years) until you reach the credit limit you established at closing.
To qualify for a HELOC, you need to have available equity in your home, meaning you must owe less on your mortgage than the value of your home. Applying for a HELOC is very similar to applying for a home loan in what documentation you’ll need to provide.
Why Peoples Bank?
Take advantage of our competitive rates and use your home’s equity to remodel your kitchen, build your own private pool, or make other home improvements. Funds can also be used to take a vacation or consolidate debt. The possibilities are endless!
Features include:
- No Origination Fee¹
- No Appraisal Fee¹
- No Annual Fee for 1st Year
- Access Line of Credit for up to 10 Years
- Fixed Rate Option for first 60 Months²
Take advantage of the HELOC special happening now – August 31. Apply in person at your nearest Peoples Bank branch. For more information: peoplesbancorp.com/heloc.
Peoples Bank is an Equal Housing Lender. NMLS#617258.
HELOC Special Disclosures:
Peoples Bank (w/logo)® is a federally registered service mark of Peoples Bank. *APR = Annual Percentage Rate. The advertised APR is available through the end of business on 08/31/23 on the Freedom Equity product on lines of $5,000 or greater, with a maximum loan to value ratio of 90%. Available rates after introductory period range from 8.25% – 11.25% APR. Rates shown are current as of June 1, 2023, for owner-occupied properties only and are subject to change based on changes to Prime during the promotional period. The APR is based on Prime plus or minus a margin. Borrower must meet specific underwriting criteria to obtain the advertised intro rate. Credit score and loan to value ratio determines placement within the rate range after the intro period.
Standard HELOC Products (Freedom Equity & Equiline):
1 Zero closing costs apply to Freedom Equity and Equiline products only. 2 Equiline product contains an initial fixed rate period for 60 months followed by an ANNUAL PERCENTAGE RATE (APR) that is variable and can change each month after the initial 60 month fixed rate period. Freedom Equity product contains an APR that is based on Prime, plus or minus a margin. The Freedom Equity APR that is variable so it can change each month beginning with the first month. Available rates as of June 1, 2023 range from 8.25% to 11.25%. APR is based on the consumer’s credit score and loan to value. As of June 1, 2023 an available rate for the Freedom Equity product was 11.25% and an available rate for the initial fixed rate period of the Equiline product was 8.25%. The APR for any equity plan will never be higher than 18.00% in WV; 24.00% in KY; 25.00% in OH; 24.00% in DC; 24.00% in MD; or Unlimited in VA. If you make only the minimum payments for the maximum allowable time frame, you may not repay any of the principal balance by the end of the payment stream so a balloon payment will result and you will be required to pay the entire balance owing in a single payment. All plans include a $50.00 annual fee to maintain the account. There may be an early cancellation fee of 1% of the original commitment or the maximum of $1,000.00 if allowable by state law. Other conditions and restrictions may apply. Information is subject to change without notice. All loans subject to application, credit, and collateral approval. Consult a tax advisor regarding tax deductibility of interest and charges. Interest on the portion of the credit extension greater than Fair Market Value of the dwelling is not tax-deductible for Federal income tax purposes. NMLS#617258
