Have built-up equity? Here's how to use it!
Your home's equity can be a powerful financial tool, and we can help you put it to work. With the flexibility of a Home Equity Line of Credit (HELOC), you can access funds for large or ongoing purchases like home improvements, education costs, high-rate debt consolidation, or anything else you choose.
What's special about our HELOC?
- Typically, you may borrow up to 90% of your home's equity*
- Choose from variable or fixed rate options
- Low-to-no closing costs*
- No application fees
- No annual fees
- Online Banking provides easy access to funds*
Why choose a HELOC over a Personal Loan?
- Lower Interest Rates: Because HELOCs are secured by your home, the interest rates are often lower than unsecured loans or credit cards, and the interest you pay may be tax-deductible.**
- Higher Credit Limits: Typically, you can access larger dollar amounts with a HELOC because the funds are backed by your home's equity.
- More Flexibility: During your "draw period," a HELOC functions a lot like a credit card: take what you need, repay it, and borrow again.
*Rates and terms are subject to the borrower's credit history. RiverLand shall pay customary closing costs, excluding parish/county assessed documentation fees or a borrower-elected certified appraisal. Loan cancellation within the first 36 months may result in the repayment of credit union-paid closing costs. Minimum initial draw is $2,500 or as determined by state law. Restrictions and limitations apply. Call for details.
**Tax-deductible interest may vary based on your financial situation. Consult your tax advisor.