The home financing you need, when you need it
With ChoiceLine, you have easy access to a line of credit and can lock in up to three fixed-rate advances at one time. So you use the money as you need it—use it now or save it for an expense down the road. Plus, ChoiceLine interest rates are typically lower than unsecured loans.
How does ChoiceLine work?
Let’s say you have $20,000 of eligible equity in your home and you open a ChoiceLine. Later, you want to purchase an $8,000 kitchen countertop. With a ChoiceLine, you have options. You can borrow the $8,000.00 from your variable line and choose to pay only interest for the first few years (until the end of your Draw Period). Or, you can use one of your three available fixed-rate advances to get a set interest rate to finance the cost of the countertop. This second option gives you a fixed monthly payment for a term that cannot exceed your loan’s term (but can be a longer term than your Draw Period). Either way, you’ll still have $12,000 remaining as a line of credit you can use to buy new appliances, consolidate credit card balances or keep available for unexpected expenses. Since this is a line of credit, as you pay down the balance of your loan, your available balance will increase up to the $20,000.00 limit. When you have a ChoiceLine from Bellco, you have the freedom and convenience of a home equity line of credit plus the security and stability of a home equity loan.
Home Equity Calculator
Fill out the form below to calculate how much you may be able to borrow against the equity in your home.*
Secure a ChoiceLine and take advantage of its many benefits:
- Use your variable-rate line of credit during the 10 year draw period
- Pay no annual fee and no pre-payment fee**
- Choose an interest-only payment option for your line of credit during the 10 year draw period
- Manage your account with 24-hour online access
- Pay your advances together with one monthly payment
- Use your line of credit for 10 years and then take up to 10 additional years to pay off any remaining balance in your variable line. Your payment will be adjusted to a principal and interest payment at this time.
- Lock your rate on three advances at any one time during the 10 year draw period for a repayment term not to exceed the remaining term of your loan.