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Your home could be the way you finance your next big project, vacation, or other activity. Convert equity into a lump-sum loan — or cash you can use on an ongoing basis.

Key Features

  • Competitive Rates
  • Flexible Terms
  • Local Decisions
  • Friendly Service
  • Convert the equity in your home into cash you can use
  • Competitive rates for several short-term or one-time needs:
    • Major life events
    • Home remodel projects
    • Debt consolidation
    • And much more
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • The interest paid might be tax deductible*
  • Fast, local decisions made here in our Chelsea and Dexter communitites
  • Attentive, friendly service from start to finish
  • Turn the equity in your home into an affordable line of credit
  • Competitive rates for several ongoing or seasonal needs:
    • Home improvements
    • Debt consolidation
    • Emergency funds
    • Investments
    • And much more
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • Revolving credit — as principal is repaid, more becomes available for use
  • The interest paid might be tax deductible*
  • Set up automatic payments to be deducted from your account monthly
  • Fast, local decisions made here in our Chelsea and Dexter communitites
  • Attentive, friendly service from start to finish

As you pay off your mortgage, the equity you build in your home gives you the ability to take out a home equity line of credit. A home equity line of credit borrows against your equity to give you a credit limit which you can use at any time. Like a credit card, home equity lines of credit can be used at any time during the draw period, paid off and reused. They can also be used for major purchases and paid off slowly and comfortably with the minimum payment.

A home equity line of credit is secured to your home, so it may come with lower interest rates than an unsecured line of credit like a credit card. 

HELOC as a Home Improvement Loan

Home improvement is the most common reason that people use HELOCs. If you are doing home improvements, you might be expecting to pay a contractor periodically. With a revolving HELOC, you have access to funds and will be able to maintain a fairly low utilization rate. You may also leave your available money in the credit line so you don’t have to pay interest if you’re not spending any of it. A HELOC provides some freedom in comparison to a personal loan.

HELOC for Debt Consolidation

HELOCs can be used to replace other debts. If you would like to consolidate your credit card debts and student loan debts into a lower-rate line of credit, you might want to use a HELOC. 

HELOC as an Emergency Fund

HELOCs can also be opened to give you access to a large amount of funds at a moment’s notice. If you don’t have an available emergency fund, you may use a HELOC as a backup emergency fund for the draw period of the loan. 

Tax Deductions for Home Equity Lines of Credit

The interest paid on a HELOC may be tax deductible. Please check with your tax advisor. Tax deductibility is another benefit of a HELOC.*

*Consult a tax advisor.