Home Equity Lines of Credit (HELOC)

If you’re thinking about home renovations, or looking to consolidate debt, consider a Home Equity Line of Credit. It’s a simple and convenient way to help cover ongoing big expenses.

Home equity lines of credit are a form of ‘revolving credit. This means, it’s a one-time approved ongoing loan that allows you to borrow what you need, up to a pre-arranged limit by making a withdrawal from your 1st Choice account.

With a home equity LOC, it's ready cash when you really need it. You're in complete control of how much you borrow without having to reapply every time.

Features of a HELOC

  • One-time application.
  • Readily available access to funds when you need it, instead of waiting for approval.
  • Interest paid only on funds used.
  • Provides you flexibility for ongoing need, unexpected needs, emergency costs or other personal use.
  • Provides protection from overdraft (to a certain amount) due to inadequate funds.
  • Secured with an asset so that you can borrow a larger amount with a lower interest rate.

HELOCs vs. Other LOCs

Home equity LOC’s are different than other lines of credit because you use the equity of your home to secure the loan, allowing you to take a much larger amount than you would with other LOC’s at a more competitive and lower interest rate.

HELOCs vs. Credit Cards

While they sound similar, they aren’t. Home Equity LOC’s often have more competitive and lower interest rates than many retail credit cards. With LOC's, you will only pay interest on the amount you borrow, opposed to other charges, such as annual or hidden fees.


As soon as you repay the credit used and its interest, the money immediately available to use again. The only cost of borrowing is the interest on the exact amount you borrow and for the number of days you've used it.

If you are interested in a line of credit or raising your line of credit, contact us here.

Apply for a Home Equity Line of Credit 
                     Make a Loan Payment Request

*Available until June 30th, 2020.


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