Home Equity Line of Credit (HELOC)
Unless you're an actual project manager, it can be tough to estimate ongoing costs. With a home equity line of credit, you don't have to worry. Finance a wide array of needs when you want, without the need to reapply every time. As your principal is repaid, more funds become available. Plus, you only pay interest on what you use. Tap into the power of a HELOC today!
- Low, competitive rates for ongoing or seasonal needs
- The existing equity in your home is used as collateral backing
- Flexible repayment terms that work uniquely for you
- Funds available anytime without reapplying
- Revolving credit — as principal is repaid, more becomes available for use
- The interest paid may be tax deductible*
- Use your Sonabank HELOC to cover unexpected overdrafts — automatically deposited to your account**
- Local decision-making and processing
- Helpful, customized service throughout the entire process
- Choose between interest only or principal & interest payments
*All products permit you to draw on your line up to the maximum loan approved for 10 years; you will repay principal and interest for the remaining 20 years. During the 10 year draw period, you may choose a monthly payment of interest-only or a payment of 1.5% of the principal balance. Applications are subject to credit approval which is based on several factors, including your credit history, loan to value ratio, property type and loan status.*Consult your tax advisor about the deductibility of interest and other costs. Certain other restrictions apply. Homeowners insurance is required.
**Sonabank HELOC in good standing is required.