HELOCs
What is a HELOC?
What is a HELOC?
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses, home renovations or to consolidate higher-interest rate debt on other loans, such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. Please consult your tax advisor regarding interest deductibility as tax rules may have changed.
How a HELOC works
With a HELOC you’re borrowing against the available equity in your home, and the house is used as collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished – much like a credit card. This means you can borrow against it again if you need to, and you can borrow as little or as much as you need throughout your draw period up to the credit limit you establish at closing.
Call Reece Balon NMLS#2250689 today at 770-913-8916 for current rates and to find out if a HELOC best serves your needs.
Making a HELOC Transfer
- Log into Legay Online Banking and select Move Money
- Select Loan Payment/LOC Transfer
- Select Line of Credit to transfer From in the dropdown
- Select the Account to transfer To in the dropdown
- Input Amount, and Frequency, then Continue to complete transfer.
Making a HELOC Payment
- Log into Legay Online Banking and select Move Money
- Select Loan Payment/LOC Transfer
- Select Checking Account to make payment From in the dropdown
- Select the Line of Credit to apply Payment To in the dropdown
- Input Amount, and Frequency, then Continue to complete transfer.
For assistance making Line of Credit payments or transfers, please reach out to your local branch.
