A quick look at a Home Equity Line of Credit:
- Choose your access. Tap into your credit line by visiting one of our branches or managing your account from a computer or mobile device.
- Know your limits. You can borrow up to 80% of the equity you have in your home. Equity is the difference between your current mortgage balance and your home’s market value.
- Eliminate your fee. The annual fee of $30 will be waived if you have your monthly payment automatically withdrawn from a Workers checking account.
- Change your mind. Lines of credit can be converted to fixed-rate loans.
- Ask your accountant. Interest paid on lines of credit may be tax deductible. Your tax professional can provide you with details.
A Quick Fix for Your Cashflow Crunch
It’s a do-it-yourself world. Cell phone cameras turned everyone into a photographer. Online trading created countless stockbrokers. Drivers morph into auto mechanics after watching YouTube videos. Now you can be your own loan officer. With a home equity line of credit, we set an overall limit and you decide when borrowing money is better than blowing a hole in your monthly budget. It’s a good way to cover periodic tuition bills or pay off contractors after each phase of a home improvement project. That is, if you’re not doing all the work yourself.