Home Equity Line of Credit

What is a Home Equity Line of Credit (HELOC)?

Similar to a credit card, a HELOC gives you access to a revolving line of credit. You can borrow, pay back, and borrow again, as long as you stay within your credit limit. The advantage is you’re likely to receive a lower interest rate since you’re using your home as collateral, making it a flexible, cost-effective option for managing major expenses or unexpected costs.

An added perk is that the interest you pay may be tax-deductible if the funds are used for qualified purposes, such as home improvements. Be sure to consult with your tax advisor to learn more about potential deductions.

Why a HELOC from Park Bank?

Our experienced home lenders will simplify the HELOC process and find a great rate that fits your budget, so you can start those home renovation projects or pay off debt with ease.

Do you qualify for a HELOC?

If you’re a homeowner with equity in your house (meaning the amount you owe on your home is less than the value of your property), you may be eligible for a HELOC. Typically, you can borrow up to 90% of your home’s value, minus the amount you owe on your mortgage loan.

To determine eligibility, we factor in your:

• Credit Score and History
• Employment Record
• Monthly Income and Debts