Have you been dreaming of a project to up your entertaining game? You can use some of your equity in your home with a home equity line of credit. Use the HELOC when you want. Add more value to your home.
Your equity. Your way.
You can use a HELOC for a variety of purposes, such as home improvements, debt consolidation, or unexpected emergencies. This versatility makes a HELOC a convenient option for homeowners who have multiple financial needs.
- Pay for repairs, renovations, and more
- Consolidate your debt and save
- Increase your monthly cash flow
*Rates are variable and the APR will change based on the Prime Rate published in the Wall Street Journal (as of 12/19/2024 7.50%), plus a margin; margin is based on your combined loan to value, type of collateral, credit score, loan amount and whether or not there is a 1st lien jumbo mortgage in place; margins range from .50% to 2.50% during the draw period. Minimum APR will be 4.25% and 5.25% for manufactured homes. Maximum APR is 16.00%. The term of a HELOC is 30 years: 10-year draw period, 20-year repayment period. The APR during the repayment period will be a fixed rate at the prevailing Wall Street Journal Prime Rate (as of 12/19/2024 7.50%) plus a margin. The margin is based on your combined loan to value, type of collateral, credit score, loan amount and whether or not there is a 1stlien jumbo mortgage in place; margins range from 1.50% to 3.75%. Payments during the repayment period will be principal plus interest. Property insurance is always required, and flood insurance is required where necessary. $400 termination fee will be charged if loan is paid off in the first 36 months from Note date. To qualify for the 0.25% rate discount, you must maintain autopay from a Riverview Bank checking account to the HELOC at consummation. If you terminate autopay from your Riverview checking account at any time, your rate will increase by 0.25%. No annual fee the first year, thereafter $75. Typical closing costs range from $150 - $2,500. The bank will pay up to $400 of the closing costs associated with the origination of your line of credit, excluding appraisal fees. Riverview Bank HELOCs are subject to application and credit approval. Please consult your tax advisor regarding tax deductibility of interest and charges.