Discover the hidden value in your home with a low-rate HELOC
Tapping into the equity of your home with a HELOC can give you access to flexible financing at affordable rates. Whether you are looking to pay off high-interest debt, make home improvements, or pay for college, a HELOC is there when you need it. HELOCs use the equity (the fair market value of your home minus the balance of any home loans) to secure your financing, allowing you to borrow money at lower interest rates than with a credit card or unsecured personal loan. With a HELOC, you can make withdrawals as needed, only paying interest on the amount you’ve used. As with other types of home loans, applying for a HELOC will involve checking your credit score and credit history, as well as verifying your income and assessing your home’s market value. Discuss your HELOC needs with a member of our lending team. Contact Vision Bank at 888-332-5132, apply online or visit one of our convenient locations in Oklahoma to learn more.
Common Questions Asked About HELOC
What is a Home Equity Line of Credit?A Home Equity Line of Credit is a revolving line of credit, similar to a credit card. You can use the funds to help pay for unexpected emergencies—anything from heating or plumbing in your house—to planned expenses, such as school tuition or a remodeling project. A Home Equity Line of Credit lets you take advantage of the equity you have in your home, whether it’s a primary or secondary residence.
How does a Home Equity Line of Credit work?With a Home Equity Line of Credit, you are approved for a borrowing limit up to a certain percentage of the equity in your home. You can choose to use some or all of your line’s available credit. HELOCs allow you to pay for your expenses from contractor payments to tuition bills. Vision Bank offers a competitive interest rate and friendly staff and service to help you through the process. Visit one of our locations in southeastern Oklahoma.
What is a Draw Period for a HELOC?
There are two phases of a HELOC: the draw period and the repayment period. During the draw period you have access to all the available funds in your line of credit, making monthly, interest-only payments. Draw periods typically last 5-10 years. After this time, you will no longer be able to access any remaining funds, and your HELOC will enter the repayment phase, where you pay back both the principal and interest in monthly installments. Repayment periods can last 10-20 years.