With every payment you make towards your mortgage, you build equity in you home. AND you can use that equity to help finance some of your dreams!
A Home Equity Line of Credit, or a H.E.L.O.C. (pronounced /hee-lock/), is a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrowers equity in his or her home.
At Bowater Credit Union you can borrow up to 80% of your home’s appraised equity, with repayment terms up to 20 years. You can use the money for whatever you need. If you think you might want to take that equity and make a couple dreams come true, you can talk to anyone from our HomeLoan team (423) 336-7268