A home’s equity is defined as the difference between the home’s value and the amount that is paid off. For example, if your home is worth $400,000 and you have $100,000 left to pay off the mortgage, then you have $300,000 in built-up equity.
A home equity line of credit (HELOC) is a loan that lets you borrow up to a certain amount, using your home’s equity as collateral. A HELOC acts like a credit card: it has a credit limit, and you can borrow against it, pay all or part of the balance, and borrow again up to the credit limit.
You may borrow from the HELOC for either 5, 10 or 15 years, known as the draw period, as long as you own your home. After the draw period expires, the repayment period begins.
Pay no origination fees, points, application fees, or closing costs.1 Plus, your interest may be tax deductible.2
- Property must be located in Arizona
- Credit lines from $10,000
- Available as an overdraft protection source
- Access funds at any branch through loan drafts (checks) or with a Home Equity Visa® Card
- Transfer funds via PhoneBank, Online Banking or Mobile App
Last updated February 5, 2019
Annual Percentage Rate (APR)
5.50% – 12.00% Variable3