Home Equity Line of Credit (HELOC)
A home equity line provides maximum flexibility to use your credit line when you want, in any increment, for just about any purchase. Payments are calculated based only on what you’ve used. If you prefer to have ongoing credit available, a home equity line of credit is a great option. A Lake Area Bank Home Equity Line of Credit (HELOC) offers:
10-year variable rate draw period followed by a 15-year amortized term
Up to 3 fixed rate lock options on balances advanced for 5, 10 or 15 year terms during the 10-year draw period*
No Closing Costs**
* Minimum amount to lock into a fixed rate is $10,000.00. $50 Lock fee per lock.
**Appraisal credit of up to $180 and all other closing costs paid by Lake Area Bank.
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