The Horizon Bank Home Equity Line of Credit (HELOC) with Lock Option* is a powerful financial tool available to you as a homeowner, turning your home equity into a resource that can give you the line of credit you need. Whether you're slowly improving your home, consolidating debt, or making major expenditures on a new car or college tuition bills, a HELOC will enable you to choose when and how much to borrow. This HELOC offers the ability to lock-in a portion of your line with a Fixed Rate and Fixed-Term. With this option, this Horizon Bank HELOC provides you all the flexibility of a traditional HELOC, as well as the benefits of a fixed monthly payment.
*HELOC Lock Option is not available on loans opened after May 1, 2016
Your Home Equity is the difference between your home's value and the mortgage balance on your home. A home equity line's credit limit is usually a percentage of your home's appraised value, subtracting from that the balance owed on your existing mortgage. Your home serves as collateral against this form of revolving credit.
A HELOC provides you long-term flexibility for both borrowing and repayment, so that you have the financial capability to make the purchases you need to improve your home, buy a new automobile, pay college tuition, or plan for future expenses.
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