Borrowing flexibility to meet your needs
A home equity line of credit (HELOC) is an open-ended loan secured by your home’s equity. A line of credit allows you to borrow again and again as you need it without reapplying. You only make payments on the amount that you use and you can access your credit line by simply writing a check or visiting any Dollar Bank office. There is a minimum advance amount of $100.
Your home’s equity is calculated by subtracting the amount you owe on any mortgage or loans that are secured by your home from the current market value of your home. The amount of the home equity line of credit you may qualify for is a percentage of the amount of equity you have. The interest paid on a home equity line of credit may be tax deductible.*
Dollar Bank offers two types of home equity lines of credit. With either option, the minimum line amount is $10,000 and there are no prepayment penalties.**
Home Equity Line of Credit (HELOC)
Your monthly payment on a Home Equity Line of Credit is calculated on a percentage of your balance and includes both your principal and interest.
Interest-Only Home Equity Line of Credit
An Interest-Only Home Equity Line of Credit offers the flexibility of making interest-only payments or paying down your principal at any time without penalty.
Home equity lines of credit are available for first or second lien positions. A first lien position line is a great financing tool for customers who do not currently have a mortgage payment or who would like to refinance their mortgage with a home equity line of credit. Or, with a second lien position line, you can choose to access your home's equity at a great rate without having to refinance a current mortgage.
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*Consult your tax advisor regarding the deductibility of interest.
**Property insurance is required. An appraisal may be required. If required, you will be charged the cost of the appraisal that will range from $75 - $400.