Home Equity Lines of Credit (HELOC)
Subheading: Make home improvements, pay for education expenses, and more.

A HELOC is a revolving line of credit secured by the equity in your home. It’s a flexible way to access cash when you need it for large expenses such as home improvements or debt consolidation.

With a HELOC, you can be approved for a credit limit based upon your home’s equity and other qualifications. You can borrow, repay, and re-borrow any time during the draw period. Interest is payable only on the amount you borrow.

A HELOC can be used for almost anything, but it’s typically used for home improvements, tuition, debt consolidation, or unexpected expenses. It’s a flexible way to access funds when you need them.

You can borrow from the line of credit during the draw period, typically 10 years. The interest rate during the draw period is variable, meaning that it may change over time. After the draw period, a repayment period of up to 25 years follows, where the interest rate is fixed and you pay both principal and interest. Variable rates are subject to change without notice.

Yes. There is a $100 annual fee for maintaining the line of credit. Additional fees may apply depending on your loan structure.

Yes. A HELOC can be in either first or second lien position depending on your existing mortgage and property value.

You can access funds by transferring them to your Tri Counties Bank checking or savings account through mobile and online banking, by check, in person at your local Tri Counties Bank branch, or with a Tri Counties Bank Visa® Equity Access Card.

Yes. During the draw period, you can pay down your balance and use your available credit again as needed.

Interest may be tax deductible depending on how you use the funds and current IRS guidelines. Tri Counties Bank does not provide tax advice. You should consult your tax advisor before making any financial decisions.

You’ll need to have sufficient equity in your home, meet Tri Counties Bank’s credit standards, and satisfy underwriting and property appraisal requirements. All loans are subject to credit approval.

You may be able to convert your HELOC into a fixed-rate Home Equity Loan. This option is available on approved credit and may depend on eligibility, property conditions, and loan balance.

You can apply online at tcbk.com/heloc-apply, call Customer Service at 1-800-922-8742, or visit your local Tri Counties Bank branch to meet with a Home Equity Specialist.