In contrast, a home equity line of credit provides homeowners with the opportunity. Federal law is very specific about what credit and loan term information must be provided in writing before.
For the SunTrust Equity Line, this interest rate reduction does not apply to promotional rate advances, Fixed Rate/Fixed Term Advances or during the Repayment Period. All loan and line discount offers are subject to change. Offer is available for new and refinanced consumer home equity lines as well as for home equity credit line increases.
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Home Equity Line of Credit Lock Feature: You can switch outstanding variable interest rate balances to a fixed rate during the draw period using the chase fixed rate lock option. You may have up to five separate locks on a single HELOC account at one time.
A home equity line of credit (HELOC) is an open line of credit based on the equity in your home. A HELOC often has a lower interest rate than other types of loans and more flexibility. You only use the money when you need it, and you only pay interest on what you use.
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Because home equity loans and HELOCs are secured by your home, interest rates are typically lower than unsecured loans like credit cards or personal loans. Home equity loans are disbursed in one lump sum and the borrower is expected to make regular monthly payments of principal and interest for the agreed-upon repayment term.
By contrast, a line of credit is available for a long-term draw period, which you can access with home equity line of credit checks or through online banking. If you pay down the principal during your draw period, you can borrow that principal again if you want to.
Get ongoing access to funds with a home equity line of credit (HELOC) – a revolving form of credit. Since a HELOC is secured by the equity in your home, your interest rate may be lower than many unsecured types of credit.