Abacus Bank offers a variety of loan programs to meet your needs. Please contact a loan specialistnear you for more information.
Home Equity Line of Credit (HELOC)
Home Equity Line of Credit or HELOC is a type of home loan that allows a borrower to open up a revolving line of credit using their home as collateral. With a home equity line of credit, you can get the extra cash you need for renovation, debit consolidation, vacation, college, new car and more. Here are some of benefits of HELOC:
1 No cost for credit report, appraisal, legal fees and flood certificate. Property insurance is required. HELOC must remain open for a minimum of 24 months or closing costs must be repaid by borrower. An annual fee of $100 is waived with automatic payments from an Abacus Personal Checking account. Maximum loan amount is determined by the amount of equity in your home, based on appraised value. Applicable for loans sizes up to $1 million. The HELOC must be secured by a first or second position mortgage on a primary owner occupied residential property and is available to U.S. Residents only.
2 Consult your tax adviser regarding the deductibility of interest.