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| Home Equity Lines of Credit |
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Home equity lines of credit provide homeowners convenient, flexible and readily accessible funds for whatever purpose they choose. Whether it’s home improvements, debt consolidation, education or vacations, a Home Equity Line of Credit from Eaton Federal allows you to use the equity in your home to your advantage.
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Features and Benefits of Home Equity Lines of Credit
- Secured by a second mortgage on a principal residence or vacation home.
- Use the proceeds for any purpose.
- Establish a credit line of up to 80% of the home’s value.
- Access the credit line in a variety of ways including checks.
- Interest is charged only on the outstanding balance.
- Minimum monthly payments are interest only, repay the balance at your convenience.
- A competitive floating rate that is tied to Prime.
- Rates are typically less than other types of revolving consumer debt such as credit cards.
- There are no bank fees plus we cover the cost of credit reports, title insurance and recording fees. For many borrowers there are no out of pocket costs.
- For most borrowers, interest is tax deductible. To determine if interest is deductible for you, consult a tax professional.
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*Based on the rate as of the above date which is subject to change without notice. Rate subject to credit approval and a higher rate may be charged based on the applicant(s) credit scores. Interest is computed by applying a daily periodic rate to the average daily balance for the billing cycle. Home Equity Lines of Credit are twenty year loans which require 240 monthly payments of interest only plus the principal balance at maturity. Home Equity Lines of Credit are variable rate loans whose rate is adjusted monthly based on Prime plus a margin and the rate may increase. The minimum rate is the margin and the maximum rate is 18%.
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Account Services |
Lending |
About Eaton Federal |
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Effective 9/8/2010
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| Rate |
APR |
| Prime |
3.25% |
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