What is a Home Equity Line of Credit (HELOC)4?
A flexible revolving line of credit secured by the equity in the borrower’s home. The borrower can advance funds when needed. As the balance owed is paid down, it becomes available again.
Low Rates | Interest Only Payments | Easy Access to Funds
Payments based on Amount Uses | Auto Debit Discount
You can use a HELOC for a variety of things.
Home Equity Lines and Loans2 may be used for any purpose: Debt Consolidation, Home Improvements, Major Purchases (appliances, cars, RVs, boats, etc.). Refinancing of existing mortgage and any other miscellaneous purposes like vacations, medical expenses, etc1.
Home Improvements
Major Expenses
Unexpected Expenses
Debt Consolidation3
Find out how much home equity you can potentially access.
HELOC Calculator- Consult a tax advisor regarding the deductibility of interest and charges.
- Products vary by state. There is an annual fee of $50 for HELOCs in Oklahoma. If a customer has a checking account with First United Bank, the fee is waived for the life of the HELOC. Additional fees and closing costs may apply. Homeowners’ insurance is required. Flood Insurance is required, where applicable. The minimum draw in Texas is $4,000.
- Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others with more favorable terms and/or conditions. Consult with a qualified loan Officer for more details.
- All loans are subject to credit approval, property eligibility, and program guidelines. Rates, terms, amounts, and product features are subject to change without notice and may vary by state. Owner-occupied properties only; 1st or 2nd lien position.