More information of Home Equity Line of Credit (HELOC)
Home equity lines of credit (HELOCs) are very popular in the United States, and people use them a lot to obtain financing at a very good price for all kinds of needs, such as home improvements, debt consolidation, large purchases or emergency funds for unforeseen events.
U.S. Bank, like most of the major banks in the country, also offers its Home Equity Line Of Credit for those who want to contract it, with a minimum of $15,000 and a maximum of $750,000, although the maximum will depend on the value of the home that we provide as collateral.
The interest rate is variable, ranging from 7.95% APR to 11.70% APR, but at any time you can convert all or part of the credit drawn down into a fixed-rate installment loan, with a maximum of 3 fixed rate loans available at the same time.
During the first 10 years (draw period) you can use the money as you wish, up to the maximum contracted limit, and reuse it as you repay it. At the end of the 10 years, you will enter the repayment period during which you will no longer be able to use the money and will only be able to repay it.
Español: Línea de crédito con garantía hipotecaria de U.S. Bank