Home Equity Line of Credit
If you are in need of some extra cash to improve your home, consolidate debt or pay tuition, look no further than your home’s equity! A Home Equity Line of Credit is a form of revolving credit which allows you to use the value in your home to finance your next project or adventure.
- Term is for 10 years
- Credit advances can be obtained for 5 years (draw period), payments will be due monthly and the minimum payment is the amount of accrued interest plus 1.00% of the principal balance outstanding
- After the draw period is over, the length of repayment is the remaining 5 years. During the repayment period, payments will be made monthly. If only the minimum payment is paid each month, a balance may remain at the end resulting in a balloon payment due at that time.
- Loan up to 90% of the home’s value. Draws must be a minimum of $500.
- Security is recorded as a mortgage on the property
With our Home Equity Credit Line, you can also enjoy lower interest rates and tax savings benefits… and whenever you need money, just simply write one of your credit line checks. To find out whether you’re in a good borrowing position, and the maximum amount you should be able to borrow, take our Peru Federal Savings Bank One-Minute Home Equity Loan Test. You might also want to order your Credit Report to make sure you’re in good standing. Then, call us at 815-223-4300 or apply online today with our Secure Loan Application. We’ll get back to you right away with the answer you need.