TruMark Financial’s HELoC Select allows you to choose when you want to borrow and how to pay it back. It starts as a line of credit and then allows you to switch all or part of the balance to a fixed rate at any time, giving you a manageable payment (see “Lock-in your rate” below for details). Whether you need funds for home improvements, consolidating debt, paying for education expenses, or taking a vacation, you’ll enjoy the convenience of choosing a payment option to meet your needs.
Additional benefits include:
Access your money as needed or use it all at once
Borrow up to 90% of your home’s value
Write checks directly from your HELoC Select
Receive 20 free checks with the ability to reorder more
Borrow at a lower rate than most unsecured consumer loans
*Annual Percentage Rate (APR) accurate as of 8/1/23, applies to minimum line amount of $5,000, is subject to change without notice, and applies to a loan-to-value (LTV) ratio of 80% for primary residence.
**Annual Percentage Rate (APR) accurate as of 8/1/23, applies to minimum line amount of $5,000, is subject to change without notice, and applies to a loan-to-value (LTV) ratio of 81% to 90% for primary residence.
*/**Annual Percentage Rate (APR) is subject to change without notice, depends upon amount financed, credit score, lien position, and collateral. Minimum floor APR is 2.99%, maximum APR is 18%. Best available rate is prime minus 0.76%, unless rate falls below the minimum APR. Property and/or flood insurance is required. APR is variable based on the highest Prime Rate published in The Wall Street Journal and is adjusted on a monthly basis. As of 7/26/23 the Prime Rate was 8.50%. All loans/lines of credit are subject to approval and collateral evaluation. $200 processing fee will apply. Fees and charges may apply. Additional restrictions, limitations, and exclusions may apply. You may elect to “lock in” or convert a portion of your variable-rate outstanding balance to a fixed APR over a set term. You may select the term of your lock feature from terms provided to you at the time you exercise this option. Offered rate will be based upon borrower’s creditworthiness and term selected. The minimum amount that may be locked in is $5,000. The minimum term of the lock feature is five years and the maximum term of the lock feature is 20 years. Please call TruMark Financial at 1-877-TRUMARK for further details. NMLS 404938
Switch all or part of your TruMark Financial HELoC Select balance to a fixed-rate at any time. HELoC Select holders can have up to three locks.*
*You may elect to “lock-in” or convert a portion of your variable-rate outstanding balance to a fixed APR over a set term. You may select the term of your lock feature from terms provided to you at the time you exercise this option. Offered rate will be based upon borrower’s creditworthiness and term selected. The minimum amount that may be locked in is $5,000. The minimum term of the lock feature is five years and the maximum term of the lock feature is 20 years.
Contact TruMark Financial’s Member Service Center or visit your local branch to request the amount and term you would like to lock-in. TruMark Financial will calculate the interest rate and payment of the requested locked-in portion of your HELoC Select balance based on credit score, term requested, and loan-to-value to determine your monthly payment and send you a Lock Agreement which must be completed and returned.
Home equity is the difference between your home’s market value and the remaining balance owed on your mortgage. If you own a home and have been making payments on your mortgage for years, then you may have built up a significant amount of equity. With a home equity line of credit, you can borrow against the value of your home. This could be a good strategy if you need extra money to pay for a large expense.
Everybody has unexpected expenses, cash shortfalls, home repairs, or large purchases to make. Instead of cashing in stocks or other investments that may increase in value over time, you can use the equity in your home to open a TruMark Financial Home Equity Line of Credit (HELoC). TruMark Financial offers low rates and the flexibility of low monthly payments.
A home equity line of credit (HELoC) gives you the flexibility to use the funds on an “as-needed” basis. On the other hand, a home equity loan gives you a one-time draw with a fixed rate that is especially useful for a large initial purchase. Consult with TruMark Financial to find which loan is right for your situation.
If you would like to refinance a fixed-rate home equity loan or home equity line of credit from elsewhere, you can apply online, over the phone, or at any TruMark Financial branch location.