HELOC (Home Equity Line of Credit)

Make Your Home Work For You​

Did you know you can use your home’s equity to accomplish any number of projects or expenses? It’s true! Discover how to tap into your home’s equity with a Home Equity Line of Credit (HELOC) and turn your project plans into action plans. A HELOC is a flexible line of credit that has many uses. Apply today and use your funds for multiple purposes including:

  • Home repairs
  • Remodeling
  • Paying larger medical or education expenses
  • Debt consolidation
  • Large down payments (weddings, vacations, property, etc.)
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The Versatility of a HELOC

Go ahead, renovate your kitchen, remodel a bathroom or turn your extra garage space into a home office. Whatever you’re looking to do, one of the best ways to improve your home is a home equity line of credit. With a home equity line of credit, you can borrow against your home’s value to fund any number of improvement projects all at a low interest rate.

Looking to lock in a portion of your HELOC balance? Contact Us for more information.

  • Benefits of a HELOC

    Receive lower rates and no annual fees. A HELOC is great for shifting project plans and drawing money only when needed. This line of credit comes with a 10 year draw period. During the draw period, you will only be required to pay the interest portion. Use your draw period to plan out home improvement projects or pay expense as they arise. 

  • Four ways to access your HELOC

    There are multiple ways to access your HELOC loan for home improvement or paying other expenses. Simply write a check, use a Digital Banking transfer, utilize our phone banking system or chat with an associate at any of our branches. You can easily transfer funds to a Landmark savings, checking or money market account.

  • Reduce your rate with Prime minus 1.00%18

    Whether it’s funding your home renovation, consolidating debt or simply looking for a better rate with your HELOC, Landmark has you covered. With great rate options starting as low as Prime minus 1.0018  turn your renovation plans into action. Program available for current Landmark HELOC members, restrictions apply.24 Give us a call at 262-780-7133 to learn more or apply online for a new HELOC today. 

Term

APR18

Term

Current Rate

APR18

7.50%
Apply For a HELOC


Compare Your Options

Let’s do a quick breakdown of three popular funding options that can play a part in home related renovations or expenses. Check out these key differences and decide which one works best for you. If you have additional questions, feel free to contact us for more information.

HELOC

  • Revolving line of credit to draw funds when needed
  • Variable interest rate
  • Perfect or changing project plans 
  • Flexible spending option 
  • 10-year draw period 

Home Equity Loan

  • One-time lump sum of cash
  • Fixed interest rate
  • Consistent monthly payments
  • Great for budgeted projects like home additions
  • Lower interest rate than a credit card

Cash-out Refinance

  • Frees up funds for large expenses or bills
  • Pays out cash in the form of a new mortgage
  • Can lower the interest rate of your current mortgage 
  • Higher closing costs and fees


Not sure if a HELOC will align with your goals? 

Use our calculator to estimate your payments and see if it works with your plans.


Home Equity Loan Process

  • number 1

    Research

    Chat with one of our experts and understand the minimum funds you need, calculations of your LTV and requirements for specific rates.

  • number 2

    Apply

    Submit an application online or in person. The process is quick and easy!

  • Underwriting

    Our loan specialist will guide you through the process and inform you about any additional documentation or information needed to get your approval.

  • Draw Period

    After your HELOC has been approved you will enter the draw period. At this point you can access your line of credit to fund your projects or expenses

  • Repayment

    Once your draw period has ended, you will enter the repayment period. At this time, you will start making payments on both the interest and principal of the funds drawn.

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  • Home Equity Line of Credits (HELOCs) operate on a monthly billing cycle, similar to a credit card. The minimum payment is calculated at the beginning of each cycle, and that payment is due before the next cycle begins. 

     For example, let’s say your billing period is from June 3 to July 2. The payment is cycled at end of business on July 2, with the payment due by end of business on August 1 (the next cycle is July 3 to August 2). If the payment due on August 1 is not paid before the cycle on August 2, the billing notice will show two payments due with one of them past due. This assumes no partial payments were made. 

    There are multiple ways to find out your payment amount and due date. You will receive a loan billing notice every month stating the minimum payment amount and when it is due. This will be mailed to you unless you are enrolled in eDocuments. Billing notices can be received electronically if the member has opted in for electronic statements/notices. The amount due and next due date can also be verified by viewing your account online through Digital Banking or contact us. 

  • When applying for a Home Equity Loan, please provide the following: 

    • Proof of income (pay stubs for the last 30 days, 2 years W2 or 1040s) 

    • Proof of Homeowner's Insurance (policy declaration page) 

    • If you have a first mortgage, your most recent statement 

    • A copy of your tax bill 

    Additional information may be required. 

  • A home equity loan is a term loan in which the borrower gets a one-time lump sum. The loan is repaid over a fixed term, at a fixed interest rate, with equal monthly payments. 

    A HELOC works more like a credit card. You’re given a line of credit that’s available for a set time frame, usually up to 10 years. This is called the draw period — during this time, you can withdraw money as you need it. 

    HELOCs can fall under two scenarios: 

    One with an interest-only draw period (applies when LTV is up to 80%) 

    One with a draw period where you  pay interest and principal (applies when LTV is 80.01% to 90%) 

    As you pay off the principal, your credit revolves and you can use it again. When a line of credit has expired, you enter the repayment period, which can last up to 20 years depending on your loan-to-value ratio (LTV). You’ll pay back the outstanding balance that you borrowed, as well as any interest owed. If you have questions on LTV or the scenario that your line of credit may fall under, please contact us. 

    A HELOC has a variable interest rate that is tied to the Prime Rate as published in the Wall Street Journal. As the prime rate moves up or down, so does your HELOC rate. Payments will vary depending on the interest rate and your outstanding balance.