What is a Home Equity Line of Credit (HELOC)?
A HELOC is a form of revolving credit up to a credit limit amount where your home is pledged as collateral. The monthly payment is based on the outstanding balance owed which may increase or decrease with the use of the line. As payments are applied to the principal balance, the available credit increases relative to the credit limit. This form of credit is usually associated with a variable interest rate set to an index and margin. A Draw Period and a Repayment Period define the loan term. The draw period is defined as the time you are permitted to advance money on the line. The repayment period is defined as the time in which you are prohibited from taking additional advances on the line and you are required to pay back the outstanding principal balance. Top of Page Bill Pay Questions: Bill pay with online banking: Q. How do I enroll in Beacon’s Bill Pay? A. You have two options. You can stop into your local branch and speak with a Member Service Representative who can set you up, or
A Home Equity Line of Credit (HELOC) is a line of credit based on the equity of your house. Money can be drawn and paid back as many times as needed and Interest is only charged on the balance owed. The rate is adjustable and the monthly payment is dependent on the loan balance at the time of your last advance. For more information or to apply for a HELOC, please contact a Loan Representative at (301) 948-9880.
