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Benefits of a Home Equity Line of Credit

Is a HELOC right for you?

Home equity is the portion of your home value available as you pay down outstanding balances tied to your home. To calculate the equity in your home, subtract your mortgage balance from your home’s estimated market value. Home equity is an important asset as it may allow you to establish a line of credit for home remodeling, landscaping, large purchases and more.

A home equity line of credit (HELOC) is a revolving line of credit which you can draw from, pay back, and draw on again over a period of time. FIBT’s unique HELOC features a 10-year initial draw period in which you have the flexibility to get money as you need it. During this period, you are only responsible for interest payments. Following the draw period is the 20-year repayment period in which you must pay the remaining balance as well as the interest. Click here for terms and conditions.

A HELOC can be used for consolidating debt, paying for medical expenses, or financing a vacation. However, it’s typically best used for things that add value to your home, since this will give you more equity. A variable interest rate and straightforward application process makes a HELOC an attractive financing option.

Contact us to learn more or visit our HELOC-specific page to apply now.