Home Equity Line of Credit (HELOC)
Renovation? Consolidation? Put your home to work.
Get the affordable financing you need with the flexibility to use it as you need it. Like a home equity loan, a Home Equity Line of Credit(1) puts your home to work for you, securing funds to use as you see fit.
6-Month Introductory Rate
Thereafter Variable As Low As
Based On Wall Street Journal Prime (WSJP) +0.25%(3)
No closing costs(4)
No initial advance required
No application fee
- Based on home's value
- Use funds for most anything
- Variable interest rate*
- Borrow only what you need
- Pay interest on only what you use
- Easy access to funds when you need it
- Interest may be tax deductible(4)
- Pay it down and use it again during draw period
- Local decisions, processing, and service
1) Home Equity Lines of Credit (HELOCs), up to $249,999, are available to qualified consumer applicants on new HELOCs for owner-occupied conforming residential real property in first or second lien position, up to an 85% maximum loan to value (LTV) for primary residences. Offer is not available on refinancing of existing Home Bank debt. Second liens may not be written behind an existing HELOC. The line of credit may not be used to purchase property being used as collateral. The term of this revolving line of credit is 25 years (first 10 years: interest-only payments; last 15 years: principal and interest payments). No draws in last 15 years. Minimum line of credit $25,000. Rescission rights may temporarily restrict availability of funds. Offer effective 10/23/2020, to qualified borrowers.
2) 1.99% introductory annual percentage rate (APR) will not change for the first 6 months after account opening. Introductory APR is available to applicants based on Home Bank credit criteria.
3) Upon expiration of the introductory rate, balances will accrue at Wall Street Journal Prime, currently 3.25% as of 3/25/20 + a margin of 0.25% for the highest qualified borrowers (currently 3.50%), subject to a 4.00% rate floor. An interest rate floor is the minimum interest rate that can be charged. The margin and resulting APR are determined based on creditworthiness, property type and occupancy. The APR will vary but will not exceed 21%. There is no limit on the amount by which the rate can change in any one-year period. The variable rate advertised above includes a 0.25% discount with automatic payments from your Home Bank checking account. Auto bill pay does not apply. Without the automatic funds payment transfer from a Home Bank checking account, the APR advertised will increase by 0.25%. This reduction is not applicable to the introductory rate.
4) Standard closing costs range from $300 to $1,250. The bank pays closing costs as follows: attorney fees, title opinion and update, mortgage recordation fees, and third-party property evaluations. Applicant pays for any full property appraisal that may be necessary. Appraisal costs range from $250 - $500. Orleans Parish residents pay a documentary tax fee. For first lien loans of $100,000 or more, applicants will pay a one-time tax-tracking fee, not to exceed $101. A $50 line fee applies after year one and annually thereafter. Property insurance is required; if collateral is determined to be in an area having special flood hazards, flood insurance will also be required. If you terminate the line of credit within 12 months from the account opening date, an early closure fee equal to bank-paid closing costs will be charged back to your line. Please consult your tax advisor regarding deductibility of interest and other costs. Terms are subject to change. Refer to your Home Bank representatives for more details.