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Home Equity Line of Credit
A HomeStreet Bank home equity line of credit provides you with easy access to the equity you've built in your home to qualify for a sizable amount of credit, available for use when and how you please, at an interest rate that is relatively low. The interest you pay on this type of loan may be tax deductible because the debt is secured by your home.* A home equity line of credit gives you ultimate flexibility with your current and future needs. The interest rate on a home equity line of credit varies based on the available equity in your home and other qualifying criteria. You access the funds as you need them and pay interest only on the amount in use. You can draw funds up to the approved amount at any time over 10 years. After 10 years, you pay monthly principal and interest with a maximum repayment period of up to 15 years to fully pay the loan. Because the home is likely to be a customer's largest asset, many homeowners use their lines of credit for large expenses such as education, home improvements, or medical bills, and not for day-to-day expenses.
Features and Benefits:
- Get up to 95% of the available equity in your home
- Get a home equity line of credit for use with a HomeStreet Bank first mortgage to help facilitate the purchase of your home
- Monthly interest-only payments may be tax deductible*
- HomeStreet Bank pays most customary closing costs
- Local knowledgeable decision makers and servicing experts are here to help you
- Easy access to funds
- Take advantage of low competitive interest rates
More Information:
For more information visit your local HomeStreet Bank branch or contact our Customer Service Department at 800-809-1377.
*Please consult with your tax advisor regarding deducibility of interest.
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