Home Equity Line of Credit (HELOC)
As a homeowner, you can access our most cost effective and flexible loan programs. Utilize the power of your home's equity to make a large purchase, home improvements, consolidate debt, or whatever you need. The credit line is there when you need it for any purpose.
- Summary
- Attractive rates lower than credit cards
- Use for most any purpose
- Loans up to 75% of your home's value, less any existing mortgages and liens
- No application fee or closing costs*
- No pre-payment penalty*
- Access funds as needed without reapplying
- Only pay interest on what is used
- Interest is generally tax deductible**
- 10-year draw period; 20-year repayment period
- Interest only payments during draw period
- Can set up automatic payments from your Esquire Bank account
* If the line of credit is terminated within the first (3) years after it is established, you will be required to reimburse Esquire Bank for the total closing costs paid by the Bank on your behalf. Property insurance and the fee to release an existing mortgage may be required.
**Consult a tax advisor.
