Let's imagine the possibilities. TOGETHER!
You can paint. You can build. You can renovate. Artisans' can help you do it!
Artisans' Bank is excited to present homeowners with the opportunity to benefit from two excellent products within the AB line. However, it is important to understand the distinction between a Home Equity Loan and a Home Equity Line of Credit.
A Home Equity Loan is disbursed in a single lump sum and requires borrowers to make fixed monthly payments. This product is commonly referred to as a second mortgage. Conversely, a Home Equity Line of Credit (HELOC) serves as a low-interest, flexible financial instrument that is secured by the equity in one’s home.
Home Equity Line of Credit - HELOC
Artisans' Bank offers a Home Equity Line of Credit (also called a HELOC) that enables homeowners to access funds by borrowing against the equity in their homes. With HELOC, you have the flexibility to utilize borrowed funds for a wide range of expenses, providing a convenient and accessible financial solution.
This loan allows you to draw funds, make purchases, and repay the borrowed amount as you go, giving you the freedom to use the funds as needed. Your home serves as collateral, giving you potential access to a larger credit line at a competitive interest rate.
Interested in learning more about how a HELOC can build your financial freedom?
Let’s Talk!
Artisans' Bank can help you build your future with a Home Equity Line of Credit.
You do the DIY. Let Artisans' do the financing!
A HELOC can help you:
- Renovate your kitchen
- Add a media room, porch or patio
- Repair your home or replace your roof
- Update a bathroom
- Add a porch or new deck
Tap into the value of your home with a Home Equity Line of Credit.
This low interest rate is for a loan amount of $10,000 and over, up to 80% of your home's value. Offer good for new Home Equity Lines of Credit only. See disclosures below for more information
A HELOC can also be used for other large expenses:
What people don't often know is that a HELOC can be put toward other large expenses that sometimes have higher interest rates. They include:
- Education: A Home Equity Line of Credit can be used for tuition and other expenses associated with education and job training.
- Debt Consolidation: In some cases, a HELOC can help you consolidate debt and lower your monthly payments.
Fixed Rate - Home Equity Loan
Now is an excellent opportunity to consider a Fixed Rate Home Equity Loan. This financial option can provide you with the necessary funds to consolidate high-interest debts, which can simplify your monthly payments and potentially save you money in interest over time.
Interested in learning more about how a Fixed-Rate Home Equity Loan can build your financial freedom?
Let’s Talk!
Ready to build your future? Let Artisans' do the financing!
A Fixed-Rate Home Equity Loan can help you:
- Renovate your home
- Planning for education/tuition costs
- Repair your home or replace your roof
- Purchase a car
- Go on a dream vacation
Ultimately, whether you're aiming to finance personal projects or meet essential needs, a Fixed Rate Home Equity Loan can be a versatile tool to help you achieve your financial goals.
More HELOC Information
- Banzai - What is a HELOC? - In depth description of HELOCs from our financial literacy partner, Banzai.
- HELOC Calculator - Use our handy HELOC calculator to see how much equity you have in your home.
*APR = Annual Percentage Rate
This interest rate is variable and may change each month, based on the Wall Street Journal Prime as appearing on the first day of each month.
As of March 14, 2024 the Prime Rate = 7.50% APR. The APR shown reflects a 0.25% discount for automatic payments from an Artisans' Bank account. If automatic payment is discontinued, you will no longer receive an automatic payment discount. The maximum APR over the life of the loan will never exceed 18% APR. Interest begins to accrue on the business date a draw is made against the credit line and is posted to the account.
For HELOC amounts over $250,000, an appraisal fee of up to $550 is required.
No fees for Home Equity Lines of Credit $250,000 and under.
Home Equity Lines of Credit are established for a ten-year draw period. Rates listed are for single-family primary or secondary owner-occupied residences, with a loan-to-value ratio not exceeding 80%. Minimum payments are interest only. No fees are charged for repayment of loan principal. If only the minimum required monthly interest payments under the HELOC plan are made, these payments will NOT be sufficient to repay the debt and the remaining loan principal and any interest due will be due and payable at the end of the ten-year draw term.
Offer of credit is subject to credit approval. Renewals of the HELOC are not guaranteed. Homeowner's insurance is required to be maintained. Flood insurance may also be required, depending on the property. Consult your tax adviser regarding the possible deductions of interest. For a detailed HELOC Plan disclosure, please contact our Consumer Lending Department at 302-658-6881, please select option#5.
Your Cybersecurity Is Our Priority!
Hackers and cyber attackers are finding new ways to creep into your accounts and life, we make it a priority to stay ahead of the curve to keep you and your finances safe.