Dreaming of renovating or adding to your space? Consider a HELOC to fund your dreams.
Benefits of an FSCB HELOC
Because you already have equity in your home, there are a lot of benefits that a HELOC has compared to other lending options.
A Home Equity Line of Credit allows you to borrow against the equity that you’ve already built in your home. This is a perfect solution for individuals looking to increase the value of their home, whether through a remodel or additions such as landscaping, adding bedrooms, or a swimming pool.
A HELOC is a revolving line of credit that allows you to borrow against the equity in your home for major expenses like renovations, landscaping, or home additions. You can access funds as needed and only pay interest on the amount you borrow.
FSCB’s HELOC offers financial flexibility, interest-only payment options, and repayment freedom, giving you full control over when and how you use and repay your funds—all with competitive interest rates.
Your borrowing limit is based on your home’s appraised value, your outstanding mortgage balance, and your loan-to-value ratio. For example, a home valued at $250,000 with a $100,000 mortgage could qualify for a $100,000 line of credit.
Repayment: Monthly payments will be required. FSCB will offer an interest-only option and an option that requires 0.50% of the outstanding balance plus all accrued interest.
Collateral: You must provide an enforceable first or second-lien security interest in your primary or secondary residence. The ratio of the new loan plus all other debt secured by your residence compared to the fair market value of your residence must not exceed 80%. Up to 85% available if the first lien security interest is with First State Community Bank.
Fees: First State Community Bank pays fees for lines of $50,000 or less. Consult your tax advisor about the deductibility of interest and other costs. Subject to credit approval, documentation, collateral, and other requirements. Your APR will be based on several factors, including your credit history, credit score, loan-to-value ratio, property type, loan amount, and lien status.
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