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Is there a large home-improvement project you want to get done, or a big purchase you need to make? A line of credit is a great solution for a variety of needs – whether those needs are desired or unexpected. This video in Freedom Bank’s Money Education series answers your questions about Home Equity Line of Credit, whether a HELOC is right for you, and how to get a Home Equity Line of Credit from application to approval.

Unique Benefits Include:

*APR = Annual Percentage Rate. APR may change at any time. Maximum APR of 16%. Available on 1-4 family owner-occupied homes, excluding investment properties, mobile homes, co-ops, homes for sale, under construction or leased land. Primary or secondary residences in New Jersey only. This product is a variable rate Line of Credit with a 10-year interest only draw period followed by a 15-year period with 180 payments of principal plus interest. Rates are subject to change without notice. Any change to Wall Street Prime Rate may result in a change of interest rate on this Line and the payment due. Minimum loan amount is $5,000.00. Total loan term is 25 years. Property insurance required; flood insurance is required where applicable, at Borrower’s expense. Title insurance and full appraisals required on all loan requests $250,000.00 and over, at Borrower’s expense. Appraisal fees typically range from $400 to $750. Additional charges for searches, credit report, property report, HVE report, recording and cancellation charges, admin/overnight fees typically range from $195-$455. There are no membership or participation fees. The maximum Loan to Value is 75%. Other loan products, rates, and terms available. Interest may be tax deductible, please consult your tax advisor. Offer subject to credit approval.

MINIMUM PAYMENT EXAMPLE. If you made only the minimum payment and took no other credit advances, it would take 24 years and 10 months to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 4.500%. During that period, you would make 120 monthly payments ranging from $34.52 to $38.22. Then you would make 178 monthly payments ranging from $56.53 to $94.22.

Should you apply for a Home Equity Line of Credit (HELOC)?