Home Equity Lines of Credit (HELOC)
Home Equity Lines of Credit allow you to use the equity in your home for nearly anything you want, including home improvements, debt consolidation, tuition expenses, vacations and more. Home Equity Lines of Credit can provide lower rates and greater flexibility to borrowers.
Best For You If:
You wish to utilize the equity in your home or anticipate a need to access the equity in your home in the future.
- Flexible terms
- Interest paid may be tax deductible*
- 10 year Balloon with an interest only payment option
- Interest rate discount of 0.25% when a new Level One Bank account is opened with the monthly payment deducted using Auto Pay**
- Access loan information and make payments through Online Banking
- Borrow up to 90% of your home’s appraised value
All Loans are subject to credit approval.
*Consult your tax adviser regarding the deductibility of interest.
**Establishment of automatic deduction must be processed at /prior to closing. May be subject to change without notice. Some restrictions may apply. Rate discount cannot be combined with any other offer.
The Home Equity Line of Credit is a 10 year Balloon with an interest only payment option. An annual fee of $50.00 will be charged to the line of credit annually. An early termination fee of $350.00 will be charged within the first 36 months (fee is waived if the loan is refinanced with Level One Bank).
For additional information or to apply for a HELOC, please contact one of our Mortgage Loan Specialists at 248-419-3004, visit a local Level One Banking Center, or fill out a secure online inquiry form.