A Home Equity Line of Credit is an open-end loan, using the borrower’s equity in their residence as collateral for the loan. The rate charged for a Line of Credit is a variable rate based on an economic index, which will change any time there is a change in the index. InFirst Bank uses the Wall Street Journal Prime rate as its index.
Uses for a Home Equity Line of Credit:
The funds from a Home Equity Line of Credit are drawn on as you need it by simply writing a check. You can use the line for: home improvements, home repairs, larger purchases, consolidating debt, unexpected expenses… the possibilities are endless. And if you don’t need it it can provide you peace of mind knowing you have the funds readily available should an emergency or unexpected purchase occur.