Home Equity Lines of Credit
At Andalusia Community Bank, we understand the importance of having financial flexibility. Let your home be the means to achieve your financial goals! Our home equity lines of credit offer competitive interest rates, flexible repayment terms, and no application fees or closing costs. Whether you're looking to finance home improvements, pay for unexpected expenses, consolidate debt, or start your own business, our team of experts is here to help you make the most out of your home equity. Let us help you reach your bold financial goals today!
What Are Home Equity Lines of Credit?
A Home Equity Line of Credit (HELOC) is a type of revolving credit that uses the equity in your home as collateral. With a HELOC, you can borrow up to a certain amount, also known as your credit limit, and withdraw the funds as needed. As you repay the borrowed funds, you can continue to withdraw funds up to your credit limit.
Terms & Conditions
- Loan amount: Up to 80% of the appraised value of your home, minus any outstanding mortgage balance
- Loan term: 10 years
- Interest rates: Our interest rates are variable and based on the prime rate, with the option to convert to a fixed rate.
- Fees: There are no application fees, closing costs, or annual fees. However, early termination fees may apply if you close your HELOC within the first three years.
- The applicant must be the owner of the property with a primary residence in the United States
- The property must be a single-family home, townhome, or condo and located in a state where we operate
- The applicant must have a minimum credit score of 680
- The applicant must have a minimum of 20% equity in the property
How to Apply?
Prior to submitting an application for a home equity line of credit, you need to make sure you meet the requirements and know how much equity you have in your home. In addition, you will be required to submit documentation that demonstrates your household income, Social Security number, and any other outstanding balances. Lenders may also request a mortgage statement, a property tax bill, a copy of your homeowner's insurance policy, and more documentation, depending on your individual circumstances.
To apply for a HELOC, please, visit the nearest branch, complete a loan request form, and provide all the necessary documents. We will also need to appraise the property to determine the amount of equity available to you. Once you submit your application, we will review it and get back to you with a decision within a few business days.