Do you need extra cash for an emergency, education, consolidating debt, vacation, or home repair? This type of loan is based off of the difference between how much your home is worth and how much you owe, which is called equity. A HELOC is similar to a Home Equity Loan since it's based on the equity you have in your home, but the payments work differently. Instead of getting the money in one big lump sum, and paying back fixed monthly payments, you can use your HELOC as you need it. For example, you borrow $10,000 for projects on your home and only use $2,000 for new floors. Your payment is based on the portion you used rather than the whole loan.
- Rates as low as 4.75% APR*.
- No private mortgage insurance
- Access available via plastic card, transfer, or checks
*Rates accurate as of 11/1/19 . The prime rate is the highest prime rate published in the Wall Street Journal. Prime is a variable rate; as it changes, the APR on your account will also change. The maximum APR that can apply is 18%. Rates vary based on credit worthiness and underwriting. Programs, rates, terms, and conditions are subject to change without notice. This product is only available in NC, VA, and SC. A home equity line of credit is secured by a first or second mortgage lien on your primary residence. Your home must be a single family dwelling, mobile homes are acceptable if they are on a permanent foundation, condominiums and duplexes do not qualify. Flood and/or property hazard insurance may be required. Other restrictions may apply. Membership and credit eligibility required.