Access to Extra Funds
A Home Equity Line of Credit, or HELOC, leverages the equity in your home for access to extra funds at a low interest rate, whenever you might need them. Handle unexpected payments or finally get those home improvements completed. You won’t pay interest on funds that you don’t withdraw, so it’s a great way to get a financial safety net in case of emergencies.
Low Rates, Simple Withdrawals
Get an introductory rate as low as 3.99%*, low rates over the whole term of the loan, and up to 15 years to repay. After 10 years a Home Equity Line of Credit converts to a 15-year fully amortized loan. With LBS Financial, you get access to your Home Equity Line of Credit through complimentary checks, phone transfers, and our Online Banking service. Pay only the interest payment each month or interest plus principal.
Both loans use the value in your current home to secure a low rate. A Home Equity Loan is paid out as one large sum, whereas a HELOC approves you for a limit that works similar to a line of credit or credit card, which you can then borrow from here and there as you need it (you'll only pay interest on what you actually borrow). A Home Equity Loan is great if you know exactly how much you want to borrow; a HELOC might be a better choice if you have ongoing expenses.