OPEN THE DOOR to Funding with a Home Equity Line of Credit

BORROW SMART

with a Home Equity Line of Credit

UNLOCK

Your Home's Potential with a Home Equity Line of Credit

 
 
 
 

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HOW IT WORKS:

A HELOC, or Home Equity Line of Credit, is a revolving credit that allows you to borrow money using equity in your home as collateral.

As you repay your outstanding balance, the amount of available credit is replenished. This means you can borrow against it again if you need to, and you can borrow as much as you need throughout your draw period. You only pay for what you draw off your Home Equity Line of Credit. 

THREE PHASES OF A HELOC:

  • Draw Period – The first 10 years in which you can access funds from your home equity line of credit. You will make Interest Only, monthly payments during this time.
  • Payback Period – You will utilize the 10 years AFTER the Draw Period to pay off the remaining principal and interest owed on your HELOC.
  • End of Draw – the date you no longer can access funds from your HELOC.

REQUIREMENTS:

All HELOC loans are subject to approval based on applicant's Credit Score, Loan to Value amount and Debt to Income ratio.

The minimum amount for a HELOC with South Georgia Banking Company is $10,000, maximum is $250,000. 

Work with one of our experienced lenders to determine how much you may be able to borrow against the value of your home.

RATE:

Using the Wall Street Journal Prime Rate Index, South Georgia Banking Company offers a variable rate based on your qualifications with a discount available to SGBC customers. The index, and consequently our HELOC interest rate, can move up or down.

FEES:

Low fees. Contact South Georgia Banking Company for details.

HOW TO ACCESS YOUR FUNDS:

Once you have been approved and your HELOC account has been established, you can access funds in a variety of ways:

  • Transfer Funds Online – conveniently and quickly transfer funds from your account at any time through South Georgia Banking Company Online Banking.
  • Home Equity Line of Credit Checks – request checks at account opening.


*All South Georgia Banking Company mortgage loan originators are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Access a list of our Mortgage Loan Originators and their NMLS numbers.

 

 

 

Click here for a printable copy on our HELOC.