Home Equity Solution
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With a home equity line of credit (HELOC), you may use the equity in your home to finance major purchases and expenses. Work with an experienced lender to determine how much you may be able to borrow against the value of your home.
Use the equity accrued in your home for anything, such as:
- Home renovations or improvements
- Paying for educational expenses
- Consolidating high-interest debt
- Cash management
Benefits of a HELOC:
- Competitive interest rates
- Secured financing, which typically results in a lower interest rate compared to unsecured forms of credit
- Monthly payment
- Consult your tax advisor regarding the deductibility of interest and charges
How It Works:
A HELOC is a revolving line of credit. This means that as you pay off the principal, your credit revolves and you can use it again. You may not exceed your credit limit.
For example, let’s say you have been approved for a $10,000 line of credit. You use $6,000 for a home renovation. You then pay back $3,000 toward your principal. You now have $7,000 available credit.
There are three phases of a HELOC:
- Draw Period – a fixed length of time in which you can access funds from your home equity line of credit. This draw period is determined when applying and getting approved for a HELOC.
- End of Draw – the date you no longer can access funds from your HELOC.
- Repayment Period – the length of time in which you will pay off the remaining principal and interest owed on your HELOC.
How to Access Your Funds:
Once you have been approved, you can access funds in a variety of ways:
- Transfer Funds Online – conveniently and quickly transfer funds from your account at any time through Ameris Bank Personal Online Banking.
- Home Equity Line of Credit Checks – request checks at account opening.
Opening a HELOC is subject to credit approval.