Home Equity Lines of Credit

Are you looking to renovate your home or consolidate your debts?

 

Whatever the reason, a Home Equity Line of Credit from El Dorado Savings Bank may be the loan for you. Let El Dorado Savings Bank help you turn your homes equity into usable, affordable financing.

 

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What is a HELOC?

​A HELOC or a Home Equity Line of Credit is a form of financing that allows you to take cash from the equity you have in your home. HELOCs are revolving lines of credit; very much like how a credit card works. You borrow what you need during the draw period. You have the option to repay what you have borrowed and continue to access the funds until the draw period ends. At the end of the draw period, the balance is converted to a fully amortized 15-year fixed rate loan.

 

Why choose a Home Equity Line of Credit?

 

  • Tackle home improvement projects!

  • Roof repairs!

  • Install Solar/HVAC!

  • ADU/Granny Flat!

  • Consolidate debt!

  • Pay off student loans...auto loans!

  • YOU decide!

Choose from El Dorado Savings Bank Variable or Fixed Draw Period Home Equity Line of Credit Programs

 

  • REMEMBER the existing equity in your home is used as collateral backing.
  • Accessing your line of credit is simple using your Line of Credit checkbook during the draw period.
  • Only pay interest on funds you use.

 

El Dorado Savings Bank continues to provide EXCELLENT customer service, including in-house decisioning and loan servicing for over 65 years.

 

Call NOW and speak to a quaified loan represenative 800.874.9774

 

Benefits of a HELOC

Utilizing your homes equity with a HELOC provides a variety of benefits. One of the most appealing benefits right now is the lower interest rate compared to other revolving credit account types, making this an attractive way to pay off other debts or take care of home repairs you may have been postponing. Flexible terms are another benefit of the HELOC. You can use the funds when you need them during the "draw period" and you are only required to pay interest on the funds you use.* In addition, the interest paid on your HELOC may end up being tax deductible if used for home's repairs; however, you will want to consult with your tax advisor first.

*Make additional principal payments to pay down your line of credit balance at any time without penalty, as long as your account remains open.

CHECK OUT OUR RATES

Rates and Yields are Accurate as of: December 20, 2024
(Rates Subject to Change Daily)

 

Home Equity Line of Credit - Fixed for First 5 Years* apply now

Loan Type Interest Rate Annual Percentage Rate Points Monthly Payments Term
20 Year Conforming 6.75% 6.75%     240 mos.

Home Equity Line of Credit - Adjustable for First 10 Years* apply now

Loan Type Interest Rate Annual Percentage Rate Points Monthly Payments Term
25 Year Conforming 8.25% 8.25%     300 mos.

*Other lender's first deed of trust may not exceed $300,000.

 

 

Home Loans Refinance Loans Loan Rates
Our Mortgage Loan Originators Disclosures

 

 

The Index is the weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of 10 years and the margin is 3.50%. the current APR for the repayment period is 7.875%. The maximum APR that can apply any time during your HELOC is 15%. A qualifying transaction consists of the following conditions: (1) the initial APR assumes a maximum HELOC of $200,000, and a total maximum Loan-to-Value (LTV) of 70% including the new HELOC and any existing 1st Deed of Trust loan on your residence; (2) your residence securing the HELOC must be a single-family home that you occupy as your primary residence; (3) if the 1st Deed of Trust loan is with a lender other than El Dorado Savings Bank, that loan may not exceed $300,000, have a  total maximum loan-to-value (LTV) of 65% and may not be revolving line of credit. Additional property restrictions and requirements apply. All loans are subject to appraisal or property evaluation. This cost will be disclosed in your commitment letter and paid at loan closing. Property insurance is required and flood insurance may be required. Rates, APR, terms and conditions are subject to change without notice. Other conditions apply. A $525 early closure fee will be assessed if the line of credit is closed within three years from the date of opening. An annual fee of $85 will be assessed on the first anniversary of the HELOC and annually thereafter during the draw period. See above for links to our "Home Equity Line of Credit Disclosure Notices" for additional important information. Other HELOC loans are available under different terms. 

Conforming: Maximum loan, borrower and property meet Freddie Mac/Fannie Mae standards.
Individual rates offered may vary due to, for example: loan amount, customer's qualifications and credit, property type, occupancy, use and other factors. Programs, rates, terms and conditions are subject to change at any time without notice. Rates are set at the time the loan commitment is issued.
For more information on these loan programs, call, write, or email us for a copy of the applicable "Loan Disclosure Notice", or for a loan application package.
For information on additional loan programs not listed, call any El Dorado Savings Bank office.
Loans are available in the following California counties: Amador, Calaveras, El Dorado, Inyo, Nevada, Placer, Sacramento, and Tuolumne. Loans are also available in Douglas County, and Washoe County, Nevada. Check our locations for our branch offices located in these counties.

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