Home equity loans & lines of credit
A home equity loan or line of credit puts the value of your home to work for you. Access funds for home improvements, special events, debt consolidation, college “victory laps” and much more.1
Home equity line of credit (HELOC)
A home equity line of credit, or HELOC, is great for those who want flexibility with their finances. When you open a HELOC, you can draw on the entire amount, or leave the balance at zero. A HELOC can be a great safety net for a rainy day or unforeseen expenses. The rate is variable and the payment amount due depends on how much you withdraw.
There are no restrictions on how your use your home equity line of credit.
Commonly, HELOCs are used for consolidating debt, unexpected repairs, replacing appliances, big events, medical bills and more. It is a flexible financial tool – up to you when to use it. And you don’t have to disclose how you use the funds.
With Andigo, there are no fees or closing costs2 on home equity lines of credit.
- Open a line of credit between $5,000 to $500,000, with a loan-to-value (LTV) up to 90% (80% for Texas residents).
- Get a competitive variable rate that adjusts quarterly.
- Enjoy 24/7 online account access and easy repayment options via online/mobile banking or automatic transfers from checking and savings.
- See our great rates below and learn how you can get a 1/2% rate discount.
Apply for a home equity line of credit today.
Home equity loan
Home equity loans have a fixed amount, rate and loan term, and are ideal for those who need to borrow a specific amount for a specific project or purpose. A home equity loan provides stability knowing your payment will be the same every month, with a loan pay-off date in sight.
There are no restrictions on how you use your home equity loan.
People most commonly use the equity in their home for home improvement projects, vehicle purchases, tuition, paying off higher-interest debt and more.
With Andigo, there are no fees or closing costs2 on home equity loans.
- Borrow between $5,000 and $500,000, up to 90% loan-to-value (LTV) (80% LTV for Texas residents).
- Make your payments easily with automatic transfers from checking or savings, or access your loan via online/mobile banking, 24/7.
- See our great rates below and learn how you can get a 1/2% rate discount.
Apply for a home equity loan today.
Home improvement and renovation loans
Home equity loans and lines of credit are the perfect solutions for your home addition, renovation, remodel or even minor updates. With a line of credit, you can draw only as much as you need to get the job done. With a home equity loan, you can take the full amount of the project and repay on a fixed schedule with a fixed rate.
No matter your project, we can help find a solution – so you can focus on the real problems, like picking from the 1,000 swatches of white paint, or whatever else your renovation entails.
Great rates on home equity loans and lines of credit
||APR As Low As3
|Home Equity Loan
For the stability of a fixed rate for a fixed term
|Home Equity Line of Credit
For the flexibility of using your money when you want it
Get a low rate on a home equity loan or line of credit.
1Andigo home equity loans and lines of credit applicable only for owner-occupied single-family homes, condominiums, town homes and one to four unit owner-occupied dwellings in Arizona, California, Florida, Georgia, Illinois, Massachusetts, Michigan, New Hampshire, New York, Pennsylvania, Texas or Wisconsin.
2If you live in FL, GA or NY you will must pay applicable taxes at closing.
3APR (Annual Percentage Rate) is based on excellent credit history, a line of credit of at least $75,000, and reflects a 0.50% discount for Express Advantage members (those with Andigo checking and direct deposit) who make automatic loan payments from an Andigo savings or checking account.
A fixed rate home equity loan: 5.24% APR based on a 5-year term. Your actual rate might be different and will be based on several factors, including creditworthiness, loan to value and term of the loan. Home equity loan payment example: A $50,000 loan with a 60-month term and a 5.24% APR is $951.12 per month.
For home equity lines of credit, a variable Annual Percentage Rate (APR) applies. It can adjust quarterly based on the Prime Rate as published in The Wall Street Journal 45 days prior to the rate change date.
National average rates provided by Datatrac, an unbiased research firm that monitors rates from over 20,000 financial institutions nationwide. These rates are effective 11/30/2018.
NMLS ID: 411839
Have more questions about a home equity loan or line of credit? Fill out our form and we will be in touch.
Interest is accrued daily on the outstanding balance for that day, which is multiplied by the current interest rate divided by 365. Ready for this?
Example: A $10,000.00 balance with a interest rate of 3.25% will result in a daily interest accrual of $0.89: 10,000.00 X .0325 / 365 = 0.89.
There are lots of "rates" involved. This one reads a little like an SAT problem, but we're showing our work:
- An Andigo home equity line of credit features a variable interest rate based on the Prime Rate plus or minus a margin based on credit criteria, loan limit and combined loan to value ratio.
- The Prime Rate is published in the Wall Street Journal and is reviewed 45 days in advance of the quarterly rate change date.
- The minimum home equity line of credit interest rate is 3.25%, while the maximum rate is 18%.
Read all about rate information, if you so fancy.
There are a few steps involved:
- You can expect a pre-approval based on credit-worthiness within three business days.
- Once you're pre-approved, an appraisal company will hit you up to schedule an appointment for a walk-through appraisal.
- Within ten business days of that appraisal, we'll contact you with info on the final loan approval and conditions.
- If all is kosher there, you'll be asked to schedule an appointment for closing.
That whole process takes three to five weeks. You should know, by law, we're required to provide a waiting period of three business days after closing before making the funds available, just in case you change your mind about taking the loan.
If you don't see those funds in three business days or you have any questions, just call us at 847.576.5199 (option 3, 2) or toll-free 877.270.6392 (option 3, 2).
Yup, it's $500 (unless you're in Texas then it's $4,000 — everything is bigger down there, we hear). As long as you have an available balance, you can access or take an advance against your home equity line of credit (HELOC) at any time during the first ten years of your loan.
We'll likely ask you for:
- Your primary mortgage billing statement
- Annual amount of real estate taxes, home owner's insurance and any homeowner's association (HOA) dues - that's if you don't escrow your taxes and insurance; if you do, don't worry about this.
- Your HUD2 Settlement Statement and Loan Note you received at closing only if you bought your house or refinanced your mortgage in the last 12 months
- Verification of income; this is usually a recent pay stub, but if you're self employed then you'll need to provide two years of full, signed US Income Tax Returns or if you're retired then it's your most recent annual award letter from SSA, Benefits, etc. and/or IRA Statements AND your full US Tax returns to show IRA distributions.
- If you have rental income, send along a copy of signed rental agreement and your most recent two years of full, signed US Tax Returns
- If you're consolidating debt, provide a list of creditors that will be paid off from the new loan proceeds (the most recent billing statements may be required and must include the balance, payment address and credit account number)
- When in doubt, send it along with your application and we'll take a look.
Remember, you can do all this online or over the phone at 847.576.5199
option 3, 3.