Your home is more than an investment - it's a source of great financial security. Tap into your home's equity with a line of credit. Unlike personal loans or credit cards, the interest on your home equity line may be fully tax deductible; consult your tax advisor. Our lines of credit offer competitive rates, flexible terms, and your choice of monthly due dates.
Not sure which loan is right for you?
If you find yourself needing to borrow money often, a revolving line of credit can be a fast, convenient way to get the money you need. With a home equity line, you can borrow now and in the future without having to reapply. It’s a great option for home improvements, education expenses and other recurring needs.
1The Home Equity Line annual percentage rate (APR) is based on The Wall Street Journal Prime Rate (the “Index”) plus a margin ranging between 0.25% and 4.00%. The APR will vary but not exceed 21% in AL, MS or LA or 18% in FL or TX. Based on the 7/28/22 Index value of 5.50% and typical margin of 0.65%, the formula for subsequent monthly rate adjustments results in a current APR of 6.15%. Please note, due to the floor rate, the APR will never be less than 3.99%. Your APR may be higher. As of 7/28/22, APRs range from 5.75% to 9.50% Repayment options and margins vary based on creditworthiness, loan-to-value percentages, whether the mortgage securing your line is a first or second mortgage and other factors.
Home Equity Lines require a mortgage on an owner-occupied 1-4 family dwelling with a minimum lendable equity of $10,000. Lines up to $175,000 can have a maximum loan-to-value of up to 80% in Texas†, and up to 90% in Mississippi, Alabama, Florida and Louisiana. Home equity line of credit product is not available in Jacksonville, Florida. Lines over $175,000 will need to meet financial relationship requirements and may have different loan to value requirements. Property insurance is required. Rescission rights may temporarily restrict availability of funds. See a banker for details.
2The Bank pays closing costs on home equity lines of up to $175,000. We will not pay any portion of the Survey Fee or any curative title work that may be required in order to perfect a lien, if required, and any initial or ongoing homeowner’s or condominium association fees or costs. Clients have the option to pay closing costs on lines under $175,000 and receive a 0.50% rate discount on the regular non-promotional rate.
If you voluntarily cancel your Home Equity Line of Credit within 12 months of opening, you will reimburse to us the non-affiliated third-party closing costs we paid, up to 2% of your credit limit. In Mississippi and Louisiana only, you will reimburse the lesser of (i) 2% of your credit limit or (ii) 5% of the unpaid principal balance of your line at the time you cancel. No obligation to repay closing costs will apply in Texas. Additionally, no obligation to repay closing costs will apply if the source of the prepayment funds is a refinancing by us or an affiliate of ours or if the prepayment occurs more than one year from the date the loan is made.
† Important Information for Texas Residents: Texas laws impose certain restrictions on lines secured by a lien on your home. In Texas, each individual advance from your line of credit must be in an amount of at least $4,000. The maximum amount of your new home equity line, when combined with the dollar amount of all other liens on your home, may not exceed 80% of the fair market value of your home on the date your home equity line is made. Only one home equity line is allowed on the home at a time and no more than one home equity line may be made on the home within a 12-calendar month period. Other restrictions apply. See a banker for details.
Overdraft option and check access not available in Texas.
3Line of Credit transfers made in personal online banking require the SSN/TIN to match for both the Line of Credit Account and the Checking Account to which the money is being transferred, and these transfers are limited to a maximum of 3 advances per day. All transfers are subject to certain terms and conditions, including, any requirements or limitations imposed by the Online Banking Agreement, your credit line agreement, and/or applicable law. See a banker for details.
4When using the fixed-rate option (also called a "take down"), there is a $5,000 minimum amount and $50 fee for each take down. Due to state law, we do not charge a take down fee in Texas. You can have up to four take downs outstanding at any time. Other terms and conditions apply. See a banker for details.
*Our home equity line of credit product is not available in Jacksonville, Florida.