Keep moving forward with a Home Equity Line of Credit
The Home Equity Line of Credit is a revolving line of credit that has a 5 year draw period. During that time, you can borrow as much as you need whenever you need it as long as you don't exceed your credit limit. Your monthly payments during that period are interest-only payments with an option to pay down the principal at your convenience. As the line balance is repaid, that money becomes available to you over and over again. Similar to a credit card.
Whatever your payment arrangements during the life of the plan—whether you pay some, a little, or none of the principal amount of the loan—when the plan ends, you may have to pay the entire balance owed, all at once. You must be prepared to make this “balloon payment” by refinancing it with the lender, by obtaining a loan from another lender, or by some other means. If you are unable to make the balloon payment, you could lose your home.
Village Bank is here to help whether you are:
Getting that new kitchen |
Planning a vacation |
Saving for a rainy day |
And more! |
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Colette goes above and beyond to meet the needs of customers like you. Connect with her today!
Vice President, Community Banking |