Doolin Security Savings Bank, FSB offers Home Equity Lines of Credit (HELOC) with a 10 year draw period, and a maximum amortization term of 20 years. Your interest rate will be determined by both your credit rating and the loan term you select. A HELOC provides you the ability to borrow against the available equity in your home and the house is used as collateral for the line of credit. Like a credit card, as you repay your outstanding balance, the amount of available credit is replenished. This means you can borrow against it again if you need to, and you can borrow as little or as much as you need throughout your draw period (which is 10 years), up to a credit limit established at closing. At the end of the draw period, the repayment period begins, which is typically 20 years.
Doolin Security Savings Bank, FSB will lend you up to 90% of the appraised value of your property. A HELOC has a variable interest rate, which is eligible for adjustment on a monthly basis. The margin determined at time of loan closing will remain constant throughout the line of the line of credit.
As you withdraw money from your HELOC, you’ll receive a monthly bill with variable-rate monthly minimum payments. Payments may change based on your balance and interest rate fluctuations, or if you make additional principal payments. Making additional principal payments when you can will help you save on the interest you’re charged and help you reduce your overall debt more quickly.
In addition to a Home Equity Line of Credit often having a lower interest rate than some other common types of loans, the interest is usually tax-deductible.*
You will need to submit your Home Equity application in person.
You’ll provide information about yourself and anyone else who is going to be listed as a co-borrower on the loan.
You will need to provide us with documentation to help verify your income, employment history, creditworthiness, and overall financial situation. If you are applying with someone else (called a co-borrower), they will also need to provide the same documents. The required documentation will vary pending on your circumstances. You can expect us to ask you details about your employment and financial history. With your permission, we will also run your credit bureau report as part of the process.
Come and see us today, to discover is a Home Equity Line of Credit is right for you!
A $150 non-refundable Loan Origination Fee will apply to all Home Equity Line of Credit Applications. Additional non refundable fees may include an Appraisal, Flood Certification, and Title Report. Other closing fees will also apply.
The interest rate charged will be determined based on your credit rating as well as Prime Rate plus a margin.
* Please consult your tax advisor for interest deductibility requirements