If you have equity in your home and need to borrow money, a home equity line of credit (HELOC) is an excellent alternative to higher-interest-rate consumer loans and credit cards.
How does a HELOC work? Qualified applicants receive approval for a specific amount of credit.* This credit limit is the maximum amount that the individual can borrow at any one time under the plan and is figured by taking a percentage of the applicant’s home value and subtracting the balance owed on the existing mortgage.
We’ll also look at your income, debts and other financial obligations as well as your credit history when determining the amount of your approved line. A HELOC approval establishes revolving credit in which your home serves as collateral.
For more information about Park Bank’s HELOC program, talk to your personal banker or visit any of our eleven convenient locations.
*Subject to credit approval.