Leverage your home's equity

Are you planning a home improvement project? Do you have an upcoming large expense? Would you like to consolidate high-interest debt? Homeowners, use the equity in your home with a Home Equity Line Of Credit (or HELOC) from Norry Bank to get the funds you need.

What is a HELOC?
A HELOC is a revolving, open-end line of credit loan with a variable interest rate. It allows you to borrow, spend and repay as you go - using your home as collateral. Unlike a home equity loan, a HELOC enables homeowners to use the credit over and over, rather than take out a one-time loan.

How does it work?
A HELOC functions like a credit card - only with a spending limit determined by your home's equity. Equity is the value of your home minus the amount you owe on your mortgage. Typically, you can borrow up to a specified percentage of your home's equity.

Once approved for a HELOC, you can spend up to your credit limit whenever you want. When your line of credit is open for spending, you are in the borrowing period, also called the draw period. During the draw period, which is 10 years, you're only required to pay interest. If you can pay extra, it will go towards the principal (the amount you borrow). Making additional principal payments when you can will help you save on the interest you're charged and help you reduce your overall debt.

When the draw period ends, you then enter a repayment period where you'll repay the remaining balance of your HELOC (with interest) just like a regular loan for 15 years.

Put your home's equity to work
Your home is your most valuable asset. A HELOC can help you make the most of this asset.

Take out a new HELOC and get 6 months** at a 5.25% intro rate (5.323% APR) or 12 months** at a 5.75% intro rate (5.830% APR). After six or 12 months, you can lock in your balance to a term and fixed-rate Home Equity Loan. Ask a lending officer for more details on these features.

The product advertised is a revolving line of credit and features an initial 10-year draw period followed by a 15-year repayment period unless otherwise renewed or renegotiated by requalifying. This loan is secured by the primary residence up to 85% loan-to-value ratio, dependent on certain credit qualifications. Other Home Equity Credit Line products may also be available. Property insurance(s) is required. Certain properties may require additional types of hazard insurance. Rate and terms subject to change and may be withdrawn without notice. APRs quoted are available to qualified borrowers and subject to credit approval. The advertised APR (Annual Percentage Rate) applies to new lines of credit of $10,000 or more new money. This offer is valid through 10/18/2024 but may end without further notice. **After the expiration of the 12-month or 6-month introductory rate period that you choose, the variable interest rate APR will be based on the Wall Street Journal Prime (WSJP) as published daily plus a margin. Your future APR and credit terms are dependent on certain credit qualifications including your credit score as obtained by the lender from Experian Credit Bureau. Credit Scores of 775 or greater will receive the lowest margin and therefore the lowest future APR. Your APR may be greater. Depending on credit qualifications at the time of application, APRs currently range from 8.872% (WSJP + .25%) to 10.139% (WSJP plus 1.5%). The maximum APR is 18.25% and the minimum is 3.55%. Certain Home Equity Credit Line products may allow amounts owed to be repaid at available non-variable fixed APRs on an amortizing basis. Ask a loan officer for details on this option. Fees to establish the account may range from as low as $418.50 to as high as $961.50, depending on appraisal and title requirements. Fees may be financed and paid at loan closing.