Home Equity Line of Credit (HELOC)

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Use Your Home’s Value to Finish Projects With Ease

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 with a HELOC. 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 great interest rate.

  • Benefits of a HELOC

    Receive lower rates and no annual fees.1 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.1 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 expenses as they arise. 

  • Four ways to access your HELOC

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

  • Reduce your rate with Prime minus 1.00%1 APR

    Whether you’re funding a home renovation, consolidating debt or simply looking for a better rate with your HELOC, we’ve got you covered. Go from project plans to action plans with a rate as low as Prime minus 1.00%1 APR. With a great rate, a HELOC can become more than just a fund for renovations, it can also serve as a smart financial tool for any number of expenses. Give us a call at 262-780-7133 to learn more or apply online today. 
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  • Home Equity Line of Credit Rate

    Current Rate

    • 6.75% APR

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 for changing project plans 
  • Flexible spending option 
  • 10-year draw period1

What is a HELOC?

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

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Cash-out Refinance

  • Frees up funds for large expenses or bills
  • Convert your equity to cash with a new mortgage
  • Can lower the interest rate of your current mortgage 
  • Higher closing costs and fees

Explore Options

HELOC Process

  • number 1

    Research

    Chat with one of our experts and understand the minimum funds you need, calculations of your loan-to-value and requirements for specific rates.
  • number 2

    Apply

    Submit an application online or in person. Our loan specialist will guide you through the process and inform you about any additional documentation or information needed to get your approval.

  • Draw

    After your HELOC has been approved you will enter the 10-year draw period.1 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, which last 15 years. At this time, you will start making payments on both the interest and principal of the funds drawn.

HELOC FAQs

Have additional questions? Check out some of these common question about HELOCs. If you need more information please contact us and we will connect you with an expert!

  • When your Home Equity Line of Credit (HELOC) reaches the end of its draw period, it will enter the repayment period. When this occurs, you will no longer be able to access any additional funds.

    Some individuals may see an increase in their monthly payments. If you have only been paying the interest portion of your line of credit, your HELOC will convert to interest and principal payments. Depending on the initial setup of your HELOC you may already be paying on the interest and principal of your borrowed funds.

    Before your HELOC draw period comes to an end, we encourage you to contact us to discuss payment options or answer any questions you may have. We can help you figure out the best borrowing options to meet your needs.
  • Generally, a HELOC can be taken out for as much as 80% of your home's value, minus the remaining balance on your mortgage and any existing Home Equity Loans or lines of credit.

    For example, if your home's value is $120,000 and your mortgage balance is $27,000 and you also have an existing home equity loan for $16,000, you could potentially qualify for a HELOC of $53,000. Here's the calculation: $120,000 x 0.75 - ($27,000 + $16,000) = $47,000

    Please keep in mind that this is a general estimate. If you need more than 80% loan-to-value, we may still be able to help. Please contact us to discuss your particular situation.
  • Typically, a Landmark HELOC will close within 12-15 business days of submitting your application.
  • No, we’ll waive the $200 early termination fee if you pay off your HELOC with funds from a Landmark mortgage refinance.
  • A Landmark HELOC lets you borrow from your line of credit for up to 10 years—this is called the “draw period.” During this time, you can take out money as needed, up to your credit limit. If you close your line within two years of opening it, there’s a $200 early cancellation fee.

[1]
Current Rate available on loans for owner-occupied primary residences with loans up to 70% Loan-to-Value (LTV) and credit scores of 740 or higher. Other restrictions may apply. Annual Percentage Rate (APR) is variable and set at Prime (recently 7.75%) minus 1.00 percentage points, or 3.99% APR, whichever is higher. Rate is subject to change on the first business day following any change in the Prime Rate as published in the Wall Street Journal. Interest-only payments are available for the first 10 years from the date the HELOC was opened; outstanding balance will then amortize based on the variable rate to be repaid in monthly payments over 180 months. Maximum rate 20% and the APR will never fall below 3.99%. Homeowner’s insurance required. If the line of credit is closed within the first 2 years, an early termination fee of $200 applies. The member is responsible for the property valuation, property condition report, title letter report, and recording fee of $149 - $1,000 depending on the number of units, occupancy status, and the amount of the credit line requested. Additional loan programs may be available based on creditworthiness.