HELOC

Home Equity Line of Credit 6.99% APR

Excel with Your Home Equity

A PyraMax Bank home equity line of credit (HELOC) offers flexibility over the length of the loan — borrow what you need when you need it. With budget-friendly, interest-only payments, low closing costs, a low annual fee and competitive interest rates, the HELOC is a great tool for your lending and cashflow needs.

Learn more by contacting your local bank branch.

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Modify or Apply?

Thinking of Modifying your Existing HELOC or looking to Apply for a New One?

Take a look at our HELOC Conversion Table to help make the decision that's right for you.

HELOC Conversion Table

HELOC FAQ

A home equity line of credit is very similar to a credit card. It has a spending limit, and your home is used as collateral. While this is very similar to a traditional loan, there are many advantages of taking a line of credit over another kind of loan, including flexibility, a variety of payment options and a quicker process.

Unlike a home loan, home equity lines of credit let you draw money as you need it. Rather than receiving the entire amount of borrowed money all at once, you have the ability to borrow against your home up to the amount of the credit line.

Payment is flexible to an extent. While you are required to make a monthly payment, you can make a payment of as much or as little as you want, as long as it exceeds the minimum required payment. If you would like to pay off your HELOC before the end of your draw period, you can certainly do so.

Because less is required to apply for a HELOC, you will generally move through the application process faster than if you were to apply for a mortgage. While mortgages can take a matter of months, a HELOC can be issued to you within a few weeks.

W-2s from the past two years
Most recent paystub
Copy of driver’s license or ID
Last two years of tax returns (if self-employed or own rental property)
Current awards letter from Social Security (if applicable)
Proof of pension or retirement income (if applicable)
1099 forms (if applicable)

1 Introductory APR (Annual Percentage Rate) of 6.99% during the 12-month introductory period.

2 After the introductory period, the variable rate may change monthly and is indexed to Prime Rate (as published in the Wall Street Journal), currently 8.50% APR, plus a margin based on credit qualification and Combined Loan-to-Value (CLTV). Variable APR after introductory period cannot exceed 18%, and will never fall below 4.00%. Payments during the 5-year draw period are interest only. Payments during the 20-year repayment period are amortized principal and interest, with a variable APR indexed to Prime Rate (as published in the Wall Street Journal), plus a margin based on credit qualification and CLTV. If only interest is paid during the draw period, all amounts drawn are owed at the end of the draw period and monthly payments will increase when the 20-year repayment period begins. Payments on $99,999 for 20 years at 4.00% APR would be $605.97 or $6.06 per thousand borrowed. Other terms are available, and are based on credit qualification and combined loan-to-value (CLTV). Minimum loan amount $5000, maximum loan amount $150,000. Secured by primary residence. Full hazard insurance required. Early termination fee of $500 for closing the HELOC within 24 months of opening. Other restrictions may apply. Consult your tax adviser. Rates effective 04/01/2024. Offer may expire at any time without notice.

3 The $50 annual maintenance fee is waived for the first year. Closing costs waived for loans less than $100,000. Closing costs for loans of $100,000 and above range from $325 to $1,000.

Excel with Your Home Equity

Modify or Apply?

HELOC FAQ

What are the advantages of a HELOC?

How flexible are HELOCs?

What are the payment options?

How fast is the HELOC application process?

What do I need to apply for a HELOC?