Home Equity Lines of Credit
Our Home Equity Lines of Credit
Homeowners with greater than 25% equity may qualify for a home equity line of credit in which the home serves as collateral.* The borrowed money can be used for almost any purpose, including remodeling, home repairs, medical expenses, college tuition, debt consolidation, or as a backup in case of emergencies.
Altabank’s home equity lines of credit (HELOCs) are open-ended, revolving lines of credit, just like a credit card. Minimum payments are required monthly and interest is charged only on the portion of your credit line that is outstanding. You can draw money from your loan or pay down the balance as much as you like at any time during the term.
To see how much you may qualify for please see the table below:
| Equity | Combined Loan to Value |
|---|---|
| Up to $500,000 | 75% |
| $500,001 - $1,000,000 | 70% |
| $1,000,001 - $2,000,000 | 65% |
| $2,000,001 and above | 55% |
* Subject to credit approval