More information of Home equity line of credit
You can apply for Truist Bank's home equity line of credit by owning a primary or secondary residence (occupied at least 14 days per year) in states where the bank has a presence, such as Arizona, California, Florida, Georgia, Pennsylvania, Texas or Virginia.
Investment properties, co-ops or mobile/manufactured homes do not apply and there is a limit of one Heloc per applicant.
Here is the information you must provide:
- Debts (lender, payment amount and balances).
- Employer or co-applicant information (if applicable)
- Personal information (name, address, phone and SSN)
- Financial assets (description, lender and value)
- Collateral information (asset, lender name, balance/value and description)
Regarding repayment, you have 3 options:
- Fixed. The rate and installments will depend on the term you choose and has a $15 service fee.
- Adjustable. The monthly payment would be 1.5% of your balance and the APR varies depending on the prime rate published in the WSJ.
- Interest-only. You pay the interest calculated on the balance, the minimum payments do not reduce the principal and it has a variable rate.
Truist Bank's home equity line of credit may be the low-cost financing you need to get ahead. Since there are many HELOCs, Busconómico has gathered many reviews of the best ones, like the Bank of America Heloc.
Español: Línea de crédito hipotecaria de Truist Bank