A Home Equity Line of Credit or HELOC can be a great way to tap into your home’s equity. But there’s a catch: borrowing limits are generally capped at 85% of the property value, not including your outstanding first mortgage balance.

Let’s plug in some numbers: If your home is worth $300,000 and your first mortgage balance is $175,000, you’d be allowed to borrow up to $80,000. As far as repayment, you’ll only be charged interest on the dollars you borrow, so only borrow what you need.

Ready to tap into the equity of your home? Apply below!

Have more questions, call 518-783-2211 to speak to a Community Resource representative today