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Unlock the full potential of your home
Are you a homeowner looking to take your property to the next level? Whether you want to renovate your kitchen, upgrade your bathroom, or simply enhance your living space, our HELOC is the perfect financial solution for you. With competitive interest rates and a new fixed rate 60-month term HELOC, you can access the equity in your home at an incredible rate, providing you with the funds you need for your home improvement dreams.
New Fixed Rate Home Equity Line of Credit (HELOC)*
Take the first step towards transforming your home today. Our 60-month fixed rate HELOC is the perfect choice for homeowners like you who are looking to enhance their living space. Unlock the full potential of your home with our reliable financing solution. Discover the financial freedom and flexibility you need to turn your home improvement dreams into a reality!
Why choose our fixed rate HELOC?
- Fixed rate stability: Our fixed rate HELOC provides you with the peace of mind of a steady interest rate throughout the entire 60-month term.
- Tap into your home equity: Your home is your most valuable asset. With our fixed rate HELOC, you can tap into the equity you have built up over the years and leverage it to fund your home improvement projects. Increase the value of your property while enjoying the comfort and beauty you deserve.
- Easy application process: We believe in making things simple for our clients. Our streamlined application process ensures that you can get started on your home improvement journey quickly and hassle-free. Our team of experts is ready to assist you every step of the way.
New 60-Month Fixed Rate HELOC*
| Term | Rate (as low as) | APR |
| 60-month | 8.375% | 8.375% |
*Annual Percentage Rate. Rate is accurate as of November 5, 2024, and is subject to credit approval. The minimum monthly loan payment required is 1% of the principal outstanding balance of the line of credit plus accrued finance charges during the billing cycle. If this payment schedule is followed, the loan will not be paid in full at maturity, which is typically 60 months, and a final balloon payment will be necessary to repay the debt. Principal reduction payments may be made as often as you choose, with no prepayment penalty. Subject to final credit approval. The maximum combined loan to value amount is 85% of the home's appraised value, including any existing liens.
Variable Rate Home Equity Line of Credit (HELOC)*
Get a little something back for all the years you've spent investing in your home. Our variable rate home equity line of credit (HELOC) offers our customers a flexible and convenient way to access funds, leveraging the equity you've accumulated in your home over the years. Whether you're planning a major renovation, consolidating debt, or financing a significant life event, our HELOC provides competitive rates and revolving credit that adapts to your ongoing financial needs.
Why choose our variable rate HELOC?
- Funds available anytime without reapplying; apply once, then use repeatedly thereafter
- Revolving credit – as principal is repaid, more becomes available for use
- No payments due until you've drawn on the line of credit
- Funds easily available via in-person, online, or phone transfers to a specified Guaranty Bank checking account
- Local decision-making
- Use for almost any purpose
- Streamlined application process
Compare our Fixed and Variable Home Equity Lines of Credit
| Terms | Fixed Rate Home Equity Line of Credit* | Variable Rate Home Equity Line of Credit* |
| Benefits/Uses | Used for specific, immediate expenses such as home improvement, auto purchase, additional property purchase, vacation – you decide. Can be reused as balances are paid down. | Ongoing source of credit to be used when and where you need it for home improvement, auto purchase, vacation, debt consolidation – you decide. Can be reused as balances are paid down. |
| Rates | Rates are fixed for the length of the loan. | Rates are variable based on The Wall Street Journal Prime Rate** and applicable margin |
| Terms | 5 Years | 10 Years |
| Minimum amount you can borrow | $5,000 | $5,000 |
| Maximum Combined Loan to Value*** | Up to 85% | Up to 85% |
| Payment Options | 1% of the outstanding balance plus accrued finance charges during billing cycle | Interest only payments required |
*Making only minimum payments may result in a balloon payment of the outstanding principal balance at maturity.
**The disclosed APR* is based on The Wall Street Journal Prime Rate (the "Index").
***Loan to value includes all loans on the collateral, value is determined by Guaranty Bank.
FAQ
What is a Home Equity Line of Credit (HELOC)?
HELOC is a flexible financial tool that allows you to borrow against the equity you've built up in your home. It operates much like a credit card, giving you access to a revolving line of credit that you can use and repay as needed. The amount you can borrow is based on the equity in your home and other qualifying factors.
How do I qualify for a HELOC with Guaranty Bank?
To qualify for a HELOC, you'll need to have sufficient equity in your home, a good credit history, and meet our lending criteria. The approval amount is based on the equity in your home and your ability to repay. Our local team will guide you through the application process and help determine the best HELOC solution for your needs.
What can I use my HELOC or home equity loan for?
Your HELOC can be used for a wide range of purposes, including home improvements, debt consolidation, property purchase, or even as a financial safety net. The flexibility of a HELOC or home equity loan means you have the freedom to use the funds as you see fit, making it a versatile option for managing your finances.
How does a home equity loan work?
A home equity loan allows you to borrow against the equity you've built in your home. The loan amount is determined based on your home's value and the equity you have in it
How are interest rates determined for home equity loans?
Interest rates for home equity loans are influenced by various factors, including market conditions, your credit history, and the amount of equity in your home.