Let the equity in your home work for you. Home Equity Lines of Credit and Loans are great ways to pay off high-interest credit cards, consolidate debt, improve the look of your home, or pay for big expenses, like your child’s dream wedding. They can also provide possible tax deductibility advantages.
A Home Equity Line of Credit (HELOC)1 may be better for you if you:
- Need a revolving credit line to borrow from and pay down multiple times
- Want a credit line available for future emergencies
Other advantages of a HELOC from Bank of Clarke include:
- The Bank will allow HELOCs of up to 89% of your home’s value
- We will pay all closing costs on any new variable rate HELOCs up to $500K
- Revolving line of credit allowing you borrow as little or as much as you need, up to your credit limit
- Convenient access to funds – by check, by phone, at a branch, or through online banking
More Features & Benefits:
- Lower interest rates than credit cards or personal loans
- Tax deductibility advantages
- Revolving line of credit allows you to borrow as little or as much as you need
- Flexibility to pay down and reuse your HELOC
- A 10-year term with the possibility to refinance at maturity -- as the equity in your home grows, we may increase the amount of your line at this time
A Home Equity Loan can be the best choice for you if you:
- Know the exact amount of funding you need for a one-time, fixed expense
- Don’t want to access a new credit line and risk creating more debt
- Need a set monthly payment that doesn’t fluctuate
For more information on HELOC products contact a consumer lender or visit a branch.
Ready to apply for a Home Equity Line or Loan? Click apply now to submit the application and a member of our Consumer Lending Team will be in touch.
*Subject to credit approval, ask for details. Please consult a tax adviser for further information regarding the deductibility of interest and charges. Bank of Clarke will pay all closing costs for HELOCs up to $500,000 unless the HELOC is terminated within the first three years of origination. Closing costs start with a $250 origination charge plus any attorney's fees, appraisals, recording costs, credit report fees, as well as any other fee that may be assessed in association with the loan origination which generally range between $300 and $4,500. As of February 1, 2023, the ANNUAL PERCENTAGE RATE for HELOCs is based on the Wall Street Journal prime rate plus a margin. Effective September 19, 2024, the Wall Street Journal Prime Rate is 8.00%. The margin is based on several factors to include credit score, loan to value, and loan amount. This plan has a variable rate feature, which means the ANNUAL PERCENTAGE RATE, minimum payment amount, and final payment amount may change monthly. The ANNUAL PERCENTAGE RATE does not include costs other than interest and is based on an index using the Wall Street Journal prime rate and a margin rounded to the nearest 0.125%. Under no circumstance will the ANNUAL PERCENTAGE RATE go below 4.00% or exceed 24.00%. All rates and terms are subject to change without notice. Please contact us for more details.