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Let El Dorado Savings Bank help you turn your homes equity into usable, affordable financing.

 

Why choose a Home Equity Line of Credit?

 

  • Tackle home improvement projects!
  • Roof repairs!
  • Install Solar!
  • Consolidate Debt!
  • Pay off student loans...auto loans!
  • You decide!
    • Choose from El Dorado Saving Banks Variable or Fixed Draw Period Home Equity Line of Credit Programs.
    • Remember the existing equity in your home is used as collateral backing.
    • Accessing your line of credit is simple using your Line of Credit checkbook during the draw period.
    • Only pay interest on funds you use.

 

El Dorado Savings Bank has been your local banking choice for over 65 years. Locally making decisions on and servicing your loan.

Call now and speak to an expert!! 800.874.9774

*Make additioanl principal payments to pay down your line of credit balance at any time without penaltiy, as long as your accunt remains open.

What is a HELOC?

A HELOC or a Home Equity Line of Credit can be defined as a variable-rate. This is a form of finaning that allows you to take cash from the equity you have in your home. HELOCs are revoing lines of credit; very much like how a credit card works. You borrow what you need during the draw peorid. Repay it. Then borrow again at another draw peroid.

Benefits of a HELOC. 

Utlizing your homes equity with a HELOC provides a varitey of benefits. One of the most appealing benefits right now is the lower interest rate attached to the HELOC Loan; making this an attractive way to pay off other debts or take care of home repairs you may have been putting off. Flexible terms is another benefit of the HELOC you can use your funds when you need them during the "draw period" and you only pay interest on the funds you use. In addition, the interest paid on your HELOC my end up being tax deducdable if used for home repairs; however, you will want to consult with your tax advisr first. Finally, one benefit to keep in mind the most when deciding to get a HELOC loan or not; remember, you choose what the funds are used for.

Check out our rates!

Rates and Yields are Accurate as of: December 20, 2024 (Rates Subject to Change Daily)

Equity Credit - Fixed Equity Credit - Adjustable

Equity Line of Credit - Fixed for First 5 Years* apply now

Loan Type Interest Rate Annual Percentage Rate Points Monthly Payments Term
20 Year Conforming 6.75% 6.75%     240 mos.

Equity Line of Credit - Adjustable* apply now

Loan Type Interest Rate Annual Percentage Rate Points Monthly Payments Term
25 Year Conforming 8.25% 8.25%     300 mos.

*Other lender's first deed of trust may not exceed $300,000.

 

The initial Annual Percentage Rate (APR) is currently 6.75% for a new Home Equity Line of Credit (HELOC), and is fixed for the first 5 years of the loan which is called the draw periord. After the initail 5 year period, the APR can change once based on the value of an Index and Margin. The Index is the weekly average yield on U.S. Treasury Securities adjusted ot a constant maturity of 10 years and the margin is 3.50%. the curent APR for the repayment perior is 8.00%. The maximum APR  that can apply any time during your HELOC is 15%. A qualifying tranaction consists of the following conditions: (1) the initial APR assumes a maximum HELOC of $200,000, and a total maximum Loan-to-Value (LTV) of 70% including the new HELOC and any existing 1st Deed of Trust loan on your resdidence; (2) your residene securing the HELOC must be a single-family home that you occupy as your primary residence; (3) if the 1st Deed of Trust loan is with a lender other than El Dorado Savings Bank, that loan may not exceed $300,000, havea  total maximum loan-to-value (LTV) of 65% and may no be revolvoing line of credit. Additional property restrictions and requirements apply. All loans are subject to appraisal or property evaluation. This cost will be disclosed in your commitment letter and paid at loan closing. Property insurance is required and flood insurance may be required. Rates, APR, terms and conditions are subject to change without notice. Other conditions apply. A $525 early closure fee will be assessed if the line of credit is closed within three years from the date of opening. An annual fee of $85 will be assessed on the first anniversay of the HELOC and annually thereafter during the draw period. Ask for a copy of our "Fixed Rate Home Equity Line of Credit Disclosure Notice" for additional important information. Other HELOC loans are available under different terms. 

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