Home Equity Line of Credit
Tap into your home’s equity with a Home Equity Line of Credit (HELOC) from Croghan Colonial Bank. Use it for home renovations, debt consolidation, college expenses, or major purchases—all with affordable, flexible access to funds when you need them.
HELOC Benefits
Flexible Borrowing
Access funds as needed during the draw period, like a credit card.
Competitive Rates
Variable rates typically lower than credit cards and personal loans.
Interest-Only Payments
Pay only the interest during the draw period, with the option to repay principal early.
Lock-In Feature
Convert all or part of your balance to a fixed rate for predictable payments.
Revolving Credit
As you repay, funds become available to borrow again.
How a HELOC Works
A HELOC functions like a revolving line of credit secured by your home’s equity:
- Draw Period (10 Years): Borrow as needed using checks, debit card transfers, or online banking. Minimum payments cover interest only.
- Repayment Period (10-20 Years): No new borrowing allowed. You begin repaying both principal and interest in structured monthly payments.
Lock Feature: Convert portions of your balance to a fixed-rate loan at any time, ensuring predictable monthly payments. You can have up to three separate locked balances at once.
Understanding HELOC Interest Rates
Variable Rate
HELOC rates fluctuate based on market trends, often tied to the U.S. prime rate.
Fixed-Rate Option
Convert part of your HELOC to a fixed rate for stability.
Lower Costs
HELOCs typically offer lower rates than credit cards and personal loans, helping you save on interest.
How to Qualify for a HELOC
Eligibility depends on home equity, credit score, and debt-to-income ratio (DTI). Most lenders require:
- 15-20% equity in your home
- Credit score of 660+ (higher scores may secure better rates)
- DTI ratio below 43% (some lenders allow up to 50%)
What You Can Expect from Croghan
When you choose Croghan Colonial Bank for your HELOC, you’re partnering with a trusted lender that provides personalized advice, competitive rates, and a straightforward process.
Simple and Transparent Process
Our team will guide you through every step of the HELOC application, ensuring you understand the terms and feel confident about your financial decisions.
Local Expertise
With years of experience in the community, we understand the local market and are committed to providing support for your financial goals.
Personalized Support
From application to funding, we provide tailored support, making sure the process is as smooth and stress-free as possible.
Applying for a HELOC
Applying for a personal loan at Croghan Colonial Bank is straightforward. Here’s what to expect:
Important Legal Disclosures
*All loans are subject to credit approval. Terms and conditions apply.