PERSONAL BANKING

CONSUMER LOANS

Home Equity Line of Credit
If you are in the market for credit, a home equity plan may be right for you. By using the equity in your home, you may qualify for a sizable amount of credit, available for use when and how you please, at a relatively low interest rate. Furthermore, under the tax law-depending on your specific situation-you may be allowed to deduct all or a portion of the interest because the debt is secured by your home.

WHAT IS A HOME EQUITY LINE OF CREDIT (HELOC)?
A HELOC is a form of revolving credit in which your home serves as a collateral. Because the home is likely to be your largest asset, many homeowners use their credit lines for major items such as education or home improvements.

With a HELOC, you will be approved for a specific amount of credit - your credit limit - meaning the maximum amount you can borrow at any one time while you have the plan.

The Credit limit is set on a HELOC by taking a maximum of 80% of the appraised value of the home and subtracting the balance owed on the existing mortgage. For example:

Appraisal of home $100,000
Percentage x80%
$80,000
Less mortgage debt $40,000
Potential credit line $40,000
Once approved for the HELOC you will be able to borrow up to your credit limit whenever you want. Some of the ways you will be able to draw on your line is by writing a check from your personal account, calling us to advance the money to your account or stopping in and picking up a cashiers check for the amount you need. Consult your tax adviser regarding the deductibility of interest and potential tax savings.

Contact a Seacoast Commerce Bank Loan Officer for a HELOC Application
personalloans@sccombank.com or call us at 619-476-7776

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