Home Equity Line of Credit
Think of a Home Equity Line of Credit as a credit account that’s secured by your home. You are given a credit limit based on the available equity in your home. You can advance up to the credit limit as you pay the balance down.
- Competitive interest rates
- Line of credit secured by your home's equity
- Re-advance as you pay the balance down
Prime Equity Line of Credit
- The APR is the Wall Street Journal Prime Rate as indexed. As of 5/15/18 the Wall Street Journal Prime Rate is 4.75%.
- Zero to low closing cost
- Maximum LTV is 80%
Prime One Line of Credit
- The APR is the Wall Street Journal Prime Rate as indexed plus a 1% margin
- Zero to low closing cost
- Maximum LTV is 89%
Benefits and Uses
A Home Equity Line of Credit offers low monthly payments and lifetime rate caps. It provides secured financing, revolving source of funds and potential tax benefits. Consult your tax advisor regarding deductibility of interest.
Suggested uses for your loan include:
- Home Improvements
- Tuition or education costs
- Major purchases
Fees and Repayments
Fees and Closing Costs: Up to $1,000 waived in closing cost. Fees and closing costs generally total $759.00. Additional fees may apply.
Maximum term: Funds may be advanced for up to 20 years
Repayment Options: Your minimum periodic payment will be equal to 0.50% of the outstanding principal balance plus accrued interest as of the closing date of each billing statement. Paying only your minimum payment may repay less than the outstanding balance at the end of the Draw Period. You will be required to pay the entire unpaid balance that you owe and any outstanding fees or charges at the end of the Draw Period in a single balloon payment.
How to Access your Credit
Get the money you need to make your home your own.
- Transfer funds by phone
- Write Home Equity Line checks
- 24/7 access with Online Banking
- Call 888-745-2265
- Visit your Community Bank of the Chesapeake local branch
How to Apply
Get the right tool for the job, a Home Equity Line of Credit. Call or stop by your local branch today!
As of 5/15/18 the Wall Street Journal Prime Rate is 4.75%. The Annual Percentage Rate is variable, may change after consummation and will have a rate ceiling of 24.00%. The draw period for the HELOC is 20 years. Community Bank pays up to $1,000 of settlement costs. Any closing costs above $1,000 are the borrower's responsibility. If you close your account within 36 months of opening it, you will be required to pay any closing costs that Community Bank paid on your behalf. Property insurance is always required and flood insurance is required where necessary. To obtain a HELOC from Community Bank of the Chesapeake, a security interest will be taken on borrower's 1-to 4-unit, owner-occupied primary residence as collateral. Certain property types are not eligible collateral.