Mortgage Programs
Home Equity Line of Credit
Homeowners can use the equity in their home to bridge any funding gaps when purchasing a new primary residence or second home.
Use A HELOC To Support Your Homeownership Goals
A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows homeowners to borrow against the equity in their home. Homeowners can also use the equity in their home to bridge any funding gaps when purchasing a new primary residence or second home. Using the equity in your home is one of the least expensive sources of funding available to homeowners.
Your GRB Mortgage Originator can work with you to coordinate your primary loan and any HELOC funding you may need to complete the purchase of your new home.
HELOC ADVANTAGES
- HELOCs are considered less risky which often means more favorable interest rates
- Using a HELOC to borrow may mean your interest is tax deductible (please consult with a tax expert)
- You don’t have to begin repaying the amount you draw down from a HELOC during the draw period
- HELOCs can be useful for homeowners trying to buy a new home because the repayment period often starts years down the road
Use The Equity In Your Home To Finance Your Goals
If you see large expenses in your future and don’t want to pay cash or put them on a high-interest credit card, the equity in your home can also be used for other expenses. A HELOC can also use your equity to fund home improvements, consolidate debt, pay for college, and more.
Unlike a refinance or cash-out refinance, a HELOC does not replace the existing mortgage but works alongside it. HELOCs typically have variable interest rates and often come with a draw period during which borrowers can access funds, followed by a repayment period. Homeowners can draw funds from the HELOC as needed, similar to using a credit card, and only pay interest on the amount borrowed.
GRB offers HELOCs with rates lower than prime. Apply for a HELOC with GRB, today!
Contact Our Team
Click the button below to fill out our ‘Contact Us’ form, and a GRB Mortgage Originator or Personal Banker will be in touch to answer your questions!