Home Equity Line of Credit Special

Special Offer: 5.24% APR* 6 Month Fixed Introductory Rate

If there’s equity in your home, use it to your advantage.

A Home Equity Line of Credit (HELOC) gives you access to money on demand that you can use for a variety of expenses. With a HELOC, because you’re using your home as collateral, you’ll generally get a lower interest rate than comparable credit products. Park Bank’s experienced Lending Team will help guide you through the process of finding the right HELOC terms for you and your family.

APPLY MEET OUR LENDERS

Benefits of Equity in Your Home

Home equity can increase over time, and homeowners may use it to access funds in the form of a loan or line of credit. It is a great financial tool you can use to help pay for large expenses. That’s why your home's equity is one of the most valuable assets for a homeowner.

What is a HELOC?

A HELOC is a variable-rate line of credit based on your home’s value that you can continually borrow from and pay back over a set draw period. HELOCs essentially work like a credit card, with a lower rate.

What can you use a HELOC for?

There are many uses for HELOC funds. For example, with a HELOC you could:

Make renovations and upgrades to your home
Consolidate your debt
Increase your cash flow for various purposes
Pay for a big life event

How to Qualify for a HELOC

To qualify for a HELOC, you must have equity in your home. Your home’s equity is the difference between its appraised value and your current mortgage balance. Other factors considered include your credit history, employment history, monthly income, and debts.

Resources

HELOC Loan Application Checklist - Follow this simple checklist to get started.
Blog - Find relevant articles about buying a home.
Our Team - Local experts here to guide you every step of the way.

*After the 6-month introductory period, your APR (annual percentage rate) will be calculated based on index plus a margin. The index is Prime Rate and is published by the Wall Street Journal. As of November 8, 2024, Prime Rate was 7.75%. The margin will be based on your credit score. The APR is variable and subject to change periodically with a change in Prime Rate. The APR will never be less than 3.50% per annum nor more than 18.00% per annum. Except as limited by these minimum and maximum amounts, there is no limit on the amount the APR can increase or decrease. Loans subject to credit approval and program guidelines. Other loan programs may be available. Property securing the loan must be an owner-occupied principal residence located in the state of Wisconsin. Credit limits over $500,000 are ineligible for the introductory rate. Refinancing of current Park Bank HELOCs must be increased by at least $30,000 to qualify for the introductory rate. Closing costs, including title insurance, appraisal fee, and other fees, may be required and generally range from $375-$975. A non-refundable annual fee in the amount of $50 will be charged annually after the first year. Adequate property insurance is required. If the collateral is determined to be in a Special Flood Hazard area, adequate flood insurance will be required. You should consult a tax advisor regarding the deductibility of interest and charges for the account.

NMLS #: 477718