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A Power Equity Line of Credit is a flexible borrowing line of credit that lets you borrow against the equity in your home. You can access funds as needed, repay them (or just make minimum monthly payments), and borrow again during the draw period. After 10 years, your line of credit converts to a 10-year variable-rate personal loan.

A HELOC works like a credit line you can draw from over time, while a home equity loan provides a single lump-sum payment upfront. With a HELOC, you only pay interest on what you use. A home equity loan typically has fixed payments on the full amount borrowed from the start.

You can use a HELOC for a wide range of needs, including home improvements, debt consolidation, education expenses, or unexpected costs. Many borrowers use it for both planned projects and financial emergencies.

Transfer funds into your checking account online, request funds with an associate, or use checks (please contact an associate for checks).

No, unlike a conventional loan, you are not required to access your available credit all at once. You can borrow only what you need, when you need it. Any unused credit remains available for future use.

There is no prepayment penalty as long as the line remains open for at least 36 months. After that period, you can pay it off early without penalty. Always review your specific loan terms for full details.

Your credit limit may vary based on a number of factors, including your home’s value and the amount of equity you have in it (your loan-to-value ratio), as well as your credit score. In addition to your credit history, lenders also look at your income and overall financial profile. These factors help determine how much you can responsibly borrow.