Home Equity Line of Credit (HELOC)
Tap into your home equity when you need it.
- Benefits
- Features
- Rates & Fees
Whether you are making home improvements, paying for major expenses or consolidating debt, the Compass Equity Optimizer® Home Equity Line of Credit puts you in control of life's unexpected challenges with access to funds now or in the future. Some of the benefits include:
- Potentially tax-deductible interest (Consult a tax adviser for more information about the deductibility of interest)
- Multiple advances as needed during the draw period
- Special closing costs options available*
- Flexibility of locking in up to three portions of your line balance at a fixed low rate
- Low monthly interest-only payments during the draw period
*Closing costs: You can choose between bank-paid or borrower-paid closing costs on new home equity products with amounts ranging from $10,000 to $250,000. Credit requests for less than $10,000 or more than $250,000 shall be subject to actual closing costs incurred and permitted by law. Closing cost offer not available with refinance of a first mortgage. Rates advertised are based on the borrower paying all applicable closing costs. A higher rate will apply to your loan/line of credit if you choose to have the bank pay your closing costs. Bank-paid closing costs are subject to recoupment from borrower(s) if loan is paid off within 2 years (not applicable in Texas).
Enjoy all the advantages of a revolving home equity line of credit with our Equity Optimizerﾮ Line of Credit.
| Uses |
You can choose how much to advance when you need it.*
|
| Ways to Access |
VISAﾮ Platinum Credit Card*, Convenience Checks, Advances at the Branch or by phone |
| Minimum Line Amount |
$10,000 |
| Term |
Draw Period: Up to 20 years
|
| Closing Costs |
Special closing costs options available** |
| Tax Deduction |
Potentially tax-deductible interest for year-end taxes (consult with a tax adviser regarding the deductibility of interest) |
| Fixed Rate Option |
Flexibility of being able to lock in up to three portions of your line balance at a fixed low rate |
Want to learn more? Get our Rate & Fees
* Texas Residents Only: State law prohibits credit card access to your line of credit and requires a $4,000 minimum per advance.
** Closing costs: You can choose between bank-paid or borrower-paid closing costs on new home equity products with amounts ranging from $10,000 to $250,000. Credit requests for less than $10,000 or more than $250,000 shall be subject to actual closing costs incurred and permitted by law. Closing cost offer not available with refinance of a first mortgage. Rates advertised are based on the borrower paying all applicable closing costs. A higher rate will apply to your loan/line of credit if you choose to have the bank pay your closing costs.
To see available rates, please:
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All loans and lines of credit are subject to approval, including credit approval.
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