Personal Lending

Home Equity Line of Credit

Whether you’re dreaming of a renovation, planning a vacation, or need funds for life’s big moments, get the flexibility and power to make it happen.

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Tap into your home’s equity.

A Home Equity Line of Credit (HELOC) lets you access funds using your home’s equity, ideal for large expenses or consolidating higher-interest debt. With typically lower interest rates, HELOC interest may also be tax-deductible—consult your tax advisor for current rules.

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How exactly does a HELOC work?

A HELOC lets you borrow against your home’s equity, with your house as collateral. As you repay, your available credit renews, allowing repeated borrowing during the typical 10-year draw period, up to your credit limit.

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How to qualify for a HELOC.

To qualify for a HELOC, you must have sufficient equity in your home, meaning the amount you owe is less than its value. You can usually borrow up to 85% of your home’s value minus your remaining mortgage balance. Lenders will also review your credit score, credit history, employment record, monthly income, and debts, similar to when you first obtained your mortgage.

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Colony Bank offers a wide array of services to support you, from personal banking solutions to specialized lending options. Whatever your financial needs, we will help you every step of the way.