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This competitive variable rate 5 year product uses the equity in your home as collateral to borrow money. The amount of money borrowed is available through a line of credit; you may withdraw any portion or all of the line of credit anytime. On a monthly basis you will only need to pay the greater of the interest amount due or $50. At the end of five years, the HELOC  will mature and you need to speak to your loan officer to renew back into a HELOC, or put the remaining balance into a standard residential mortgage.