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Having the money to pay for the major events in your life, whether planned or unexpected, is not always easy. That's why a home equity line of credit (HELOC) may be right for you. A HELOC is a form of revolving credit in which your home serves as collateral. With a home equity line, you will be approved for a specific amount of credit -- your credit limit or the maximum amount you may borrow under the plan at any one time. Learn more about how a home equity line works. Your RCB Bank Home Equity Advantage Our HELOC plan offers you an affordable and flexible way to borrow the amount you want whenever you need it. - No closing costs or hidden fees†
- Fast application approval†
- Low interest rate adjusted daily for market conditions†
- 1% rate reduction with automatic payment option†
- Interest paid may be tax-deductible†
- Advances available for entire term†
Once approved, you may use special checks to draw on the line (up to your credit limit) as needed. Your home equity line can be used when and how you please to finance such items as home improvement projects, educational costs, major purchases, family vacations, consolidation of personal debts, or medical bills. Read more about RCB Bank's Home Equity Line of Credit plan. Apply by fax, mail or in person. <<<Click here for application form. Apply online. <<<Click here for online application. †
| The variable Annual Percentage Rate (APR) for the line of credit can change daily based on the index, which is the highest Prime Rate published in the Wall Street Journal Money Rates tables, plus a maximum margin of 2%. The margin will depend on the combined loan-to-value of your home. Rate reduction requires automatic payment from your RCB Bank checking account. As of September 2, 2008, the maximum APR was 7.00%. Lifetime APR will not exceed 21.00%. A fee of $300 will apply if line is closed within one year after opened. Property taxes, hazard insurance and, if applicable, flood insurance required. Consult your tax advisor regarding deductibility of interest. |
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