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Home Equity Line of Credit

Line of Credit Reviews



 
It’s those unexpected expenses that sneak up on you. With a Fidelity Bank Home Equity Line of Credit (HELOC), you can make sure you have money available when you most need it. It’s the perfect option for when you have ongoing expenses.

Apply today for a Fidelity Bank HELOC and get a competitive rate with affordable monthly payments. You can use the money to:

  • Improve your home
  • Pay for education
  • Pay off debt
  • Refinance existing loans
  • Buy a new car
  • Take a dream vacation
  • Other big purchases

With a HELOC, you can access your money quickly and easily, through a special Fidelity Bank Home Equity Line of Credit Card., or a check. Carry it wherever you go. Make purchases wherever the MasterCard® logo is displayed with it or simply get your money from an ATM. Or if you’d prefer, you can also write checks to draw upon your HELOC.

The interest rate on a Fidelity HELOC is variable and based on the Wall Street Journal prime rate.  Convenient term length options are available to meet your needs. To pay the loan back, you simply make monthly payments based on the funds drawn, plus interest. As you pay the principal back, it becomes available for you to use again.

What’s best for you: a Home Equity Loan or Line of Credit?


Both home equity loans and home equity lines of credit (HELOC) allow you to tap your home's equity. The right choice for you is based on your own needs and how you plan to use the money. Compare your options:

 

  Home Equity Loan (HEL) Home Equity Line of Credit (HELOC)
What’s the difference? A HEL is a great option when you’re paying for a one-time purchase like home improvements. A HELOC is a great option when you have ongoing financial needs such as college tuition or medical expenses.
How to I access my money? The full loan amount is paid out in one lump sum. The loan can be drawn upon when you need it, now or in the future, through a Home Equity Line of Credit Card or by writing checks.
What is the interest rate? Interest rate is fixed for the life of the loan with convenient term length options available. Interest rate is variable and is based on the Wall Street Journal prime rate.
How do I pay the loan back? Fixed monthly payments are determined at account opening based on the amount borrowed, the term of the loan and interest rate. Monthly payments are based on draw funds plus interest.

 

For more information about our Fidelity HELOC, give us a call at 1.800.388.4380 or stop by one of our full-service branches to speak personally to one of our friendly loan specialists.

 

Apply Online Now

 

 *Annual Percentage Rate (APR) is 0.99% fixed for the first three months and thereafter will be variable and the rate of interest index will be tied to the Wall Street Journal Prime Rate published daily, currently at 3.25%. Maximum loan to value is 80.00%. During the 5 year draw/15 year repayment period, monthly payments must be automatically deducted from a Fidelity Choice Checking (Classic, Fidelity or Green Choice Checking) account and minimum $25,000 in new money is needed to qualify for promotional rate. “No Closing Costs” feature is available for minimum loan amount of $25,000 new money, defined as money not currently borrowed from Fidelity Bank and a maximum loan amount of $100,000. It is based upon Fidelity’s waiver of closing costs and must remain open for at least 36 months. If closed sooner, borrower agrees to repay Fidelity Bank all closing costs. Closing costs range between $260 and $660. A $30 annual fee will apply during the draw period. One to four family owner-occupied homes only. Homeowner’s insurance with Fidelity Bank listed as mortgagee is required, flood insurance is required if applicable and title insurance is required on loans greater than $100,000. Minimum credit score of 710 needed to qualify for promotional rate. Subject to credit approval. Other rates and terms are available, but fees may apply. The rate of interest after the 3 month promotional rate has expired will be determined at the time of application and will be set as the floor rate for the life of the loan. The maximum rate of interest is 18.00%. Please consult a tax advisor regarding the deductibility of interest. Offer may change or discontinue at any time; cannot be combined with any other offer.