A Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home using a revolving line of credit. This competitive variable-rate, 5-year product uses your home as collateral, giving you the flexibility to withdraw a portion or the full amount of your approved credit line at any time during the draw period.
HELOC Features
5-year draw period
Competitive variable interest rate
Interest-only payment option
Monthly payment is the greater of the interest due or $50
Convenient access to funds through transfers to your Fowler State Bank accounts
Flexible borrowing and repayment options throughout the draw period
Option to renew at the end of the 5-year term or convert the remaining balance into a standard residential mortgage
