You’ll enjoy additional benefits if you’re also eligible for our Home Asset ManagementSM account.
With a mortgage plus a home equity line of credit you can:
- Pair a first mortgage with a home equity line of credit for financing based on your needs.
- Choose from a variety of fixed-rate and adjustable-rate mortgage options.
- Convert all or a portion of your variable-rate home equity line of credit balance to a fixed-rate advance. You can also ask to convert a fixed-rate advance to your line of credit balance.
- Access available funds from your line of credit for a draw period of 10 years and 1 month.
- Payment flexibility. Combining a mortgage and home equity line of credit may provide greater payment flexibility.
- Potential tax benefits. Unlike personal loans or credit cards, the interest on your home equity financing may be tax-deductible.
- Interest rate options. Avoid monthly payment changes by converting your home equity line of credit balance from a variable rate to a fixed-rate advance for the term that you select. As rates change, switch part or all of your balance to a fixed-rate advance.
- At the end of the fixed-rate advance term, any unpaid advance balance will revert back to your line of credit and charged the variable rate in effect when the balance reverts to your line of credit.
- The interest rate on a home equity line of credit is variable, so your monthly payment may change according to the market rate unless you convert to a fixed-rate advance.,