Home Equity Line of Credit (HELOC)

What is a Home Equity Loan or Line of Credit (HELOC)?

A loan for which you can either receive a large sum of money or have an open line of credit that can be drawn as it is needed, with, typically, low interest rates. Use the equity in your home to make improvements to your home, pay college tuition, unexpected expenses or simply free up some extra cash. Home Equity Lines of Credit (HELOCS) offer numerous benefits and flexibility to homeowners:

• The interest payments can be tax deductible (please consult your tax advisor).
• They usually have low interest and minimum payments.
• Homeowners do not need mortgage insurance with HELOCs.

The home equity line of credit is used as you need it and can be paid off at anytime. You can draw on your line of credit from time to time, up to the total amount available. Your monthly payment is based on the amount of your line of credit you have used. You enjoy a lot of flexibility and control over your money.

To the good folks at Homestead: just a note to thank you for helping my wife and I with our home improvement loan. We had gone to a few other lenders and kept getting put aside. I am grateful that you had our loan processed so fast. We already have a crew working on our addition; making room for our grandkids to stay on the weekends.”

Sincerely, Samuel & Dorothy H. Columbia, IL