Home Equity ChoiceLine
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.* 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 and, in some cases, your interest is tax deductible.**
How does ChoiceLine work?
Let’s say you have $20,000 worth of equity in your home, and you’d like to purchase an $8,000 kitchen countertop. By opening a ChoiceLine, you’ll have the freedom and convenience of keeping your remaining balance as a line of credit with a variable rate, or if you prefer, you can use up to three fixed-rate advances* to get a set interest rate for the cost of the countertop. You’ll then 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.
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
- Lock in your balance or a portion of your balance up to 3 times
*You must qualify for membership. All loans are subject to approval. Rates, terms and conditions are subject to change and may vary based on creditworthiness, qualifications and other factors. Annual Percentage Rate for well qualified borrowers as of 3/17/16 is 4.00%. Maximum APR for the variable rate advances is 21%. The variable rate for advances shall be the Prime Rate as published in the “Money Rates” Section of the Wall Street Journal plus a percentage point margin based on your credit qualifications. Rate may vary after account opening. Property insurance is required. Annual Percentage Rates for the three non-variable rate advances will be set on the lock-in date and will not change for remaining life of the loan. Rates are subject to change and may vary based on creditworthiness, qualifications and other factors.
**Consult a Tax Adviser for further information regarding the deductibility of interest and charges.