Home Equity Lines of Credit (HELOC)

Unless you're an actual project manager, it can be tough to estimate ongoing costs. With a home equity line of credit, you don't have to worry. Finance a wide array of needs when you want, without the need to reapply every time. As your principal is repaid, more funds become available. Plus, you only pay interest on what you use. Tap into the power of a HELOC today!

  • Low, competitive rates for ongoing or seasonal needs
  • The existing equity in your home is used as collateral backing
  • Flexible repayment terms that work uniquely for you
  • Funds available anytime without reapplying
  • Revolving credit — as principal is repaid, more becomes available for use
  • The interest paid may be tax deductible*
  • Local decision-making and processing
  • Helpful, customized service throughout the entire process
  • Choose between interest only or principal & interest payments 
  • Explore the Home Equity Loan section of the Financial Answer Center
  • Low 1.99% APR for first 12 months, 3.74% thereafter 

*EVB’s Home Equity Line of Credit (HELOC) features a fixed introductory rate of 1.99% for the first 12 months of your loan. After the first 12 months, your interest rate will be based on a rate of WSJ Prime Rate plus 0.24% Annual Percentage Rate (APR). The Wall Street Journal Prime Rate on January 7, 2016 was 3.50%. Your APR will change at anytime that the WSJ Prime Rate changes. The Maximum APR will not exceed 18% and after the first 12 months, the minimum APR will be 3.74%. All products permit you to draw on your line up to the maximum loan approved for 10 years; you will repay principal and interest for the remaining 20 years. During the 10 year draw period, you may choose a monthly payment of interest-only or a payment of 1.5% of the principal balance. Closing costs are waived for lines up to $100,000 and will vary for higher lines of credit. Applications are subject to credit approval which is based on several factors, including your credit history, loan to value ratio, property type and loan status. Not all applicants will qualify for the 1.99% APR offer. If you close your HELOC within the first 36 months, an early termination fee will apply. EVB may require an initial draw of $10,000. Consult your tax advisor about the deductibility of interest and other costs. Certain other restrictions apply. Limited time offer and may be withdrawn at any time. Homeowners insurance is required.