Put Your Home’s Equity To Work
A Little Flexibility Can Go a Long Way
You've worked hard to build equity in your home. A Home Equity Line of Credit can give you access to that value when you need it. Whether you're planning a renovation, preparing for a major expense, or simply want added financial flexibility, we're here to help you explore your options.
Access Funds When You Need Them
A HELOC gives you access to an available credit line, allowing you to borrow as needed rather than taking one lump sum upfront.
Use Your Equity Your Way
From home improvements to unexpected expenses, put the equity you've built toward the things that matter most.
Guidance From Local People
Work with a hometown banking team that takes the time to understand your goals and helps you explore your options.
Your Home Can Help Make Your Next Big Project Possible.
- Home renovations and remodeling
- Kitchen and bathroom upgrades
- New additions or outdoor living spaces
- Major purchases
- Unexpected expenses
- Other personal financial needs
A Line of Credit, Not a Lump Sum
A home equity line of credit works differently from a traditional home equity loan.
Home Equity Loan
- Receive funds in one lump sum.
- Repay according to established loan terms.
- Borrow a specific amount.
Home Equity Line of Credit
- Access available credit as needed.
- Borrow over time, subject to the credit line terms.
- Pay based on the amount borrowed and applicable terms.
Actual repayment terms, interest rates, draw periods, and availability depend on the approved credit agreement.
Questions About Home Equity Lines of Credit?
Here are a few helpful starting points as you explore your options.
What is a Home Equity Line of Credit?
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home. It allows eligible homeowners to access available funds as needed, up to an approved credit limit, rather than receiving the entire amount in one lump sum.
How is a HELOC different from a home equity loan?
A home equity loan generally provides funds in one lump sum with established repayment terms. A HELOC provides access to a credit line that you can borrow from as needed, subject to the terms of your approved credit agreement.
What can I use a HELOC for?
A HELOC may be used for a variety of personal financial needs, including home renovations, kitchen and bathroom upgrades, home additions, major purchases, and unexpected expenses. Your use of funds is subject to the terms of your credit agreement.
How much can I borrow?
The amount you may qualify to borrow depends on factors such as your home's value, existing mortgage balance, available equity, credit history, income, and lender requirements. Your approved credit limit will be determined during the application process.
Does a HELOC have a variable interest rate?
HELOC interest rates may be variable, which means the rate can change over time. Your applicable interest rate and how it may change will be outlined in your approved credit agreement.
How do I get started?
Contact Maple City Savings Bank to discuss your goals and learn more about your options. Our local mortgage team can walk you through the next steps and explain the application process.
Your Home Has Helped You Grow. Let It Help You Move Forward.
Explore how a home equity line of credit may fit into your plans. Our local team is ready to help you get started.