As a homeowner, one of your most valuable assets is the equity built up in your home. Banks and credit unions make it relatively simple to access that home equity through a home equity line of credit (HELOC), which offers flexibility in how much your borrow and when you pay the balance back. A home equity line of credit can be used for a variety of financial needs, including college funding for children or grandchildren, home renovations, consolidation of higher-interest debt, or even a family vacation. Before taking out a new home equity line of credit, it’s helpful to shop around various lenders to ensure you’re getting the best deal.
Currently, US Bank is offering a home equity line of credit with an introductory APR of 1.99%. The promotional interest rate is set for the first six months after account opening, after which time it adjust to a variable rate as low as 4.39%. US Bank is making the offer available to qualified homeowners between now and May 5, 2017.
In addition to the low introductory interest rate, a home equity line of credit provided by US Bank comes with several benefits, including easy access to funds through online transfers, home equity checks, US Bank ATMs, or the EquiLine Visa card. Homeowners have the option to select payment terms that best fit their needs based on the length of time to repay or a fixed-interest lock on a portion of the balance. US Bank does not charge fees for a home equity line of credit application, nor does the bank require closing costs to be paid at the time an account is opened.
The lowest possible interest rate for a new home equity line of credit through US Bank is available for homeowners who have a loan-to-value of 70% of less and agree to a minimum credit line of $100,000. All borrowers listed on a home equity line of credit application must qualify based on credit history and score, with the lowest interest rates available to those with a 730 credit score or above. After the first year, a $90 annual fee is assessed for borrowers who do not have a Platinum Checking package through US Bank.
US Bank has been serving customers since 1863, and currently manages more than $294 billion in customer deposits. The bank operates 3,238 branches around the world and provides checking and savings accounts, personal lending and credit cards, business banking, and investment advice to its banking customers in addition to home equity products.
Individuals interested in the low-interest rate home equity line of credit offered through US Bank may gather more information by visiting a mortgage specialist at any full-service branch location, contacting a customer service representative at 1-866-829-2347, or visiting the bank online.
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