Construction Update – In an effort to improve traffic flow and enhance your experience, the drive-thru ATM at our Lakeview Ave. branch is currently under construction. At this time, the ATM in the rear of the building has been removed, and we kindly ask that only drive-up teller traffic use the rear entrance. Please note that the ATM located in the front vestibule remains fully accessible and available for use. We appreciate your understanding and apologize for any inconvenience this may cause you. Thank you for your patience as we work to bring you a smoother, more efficient banking experience.
A Home Equity Loan, aka HELOAN, is a fixed rate loan. It is an installment and a closed end loan. You choose the term of the loan and once the loan is paid in full, the loan would be automatically closed.
A Home Equity Line of Credit, aka HELOC, is based on a variable rate. The term is 20 years with the first 10 years being the draw period and the remaining 10 years being a repayment period. The Line of Credit is a revolving and an open end loan. Similar to a credit card, the minimum payments due are interest only and you would only pay interest if you carried a balance. Members are able to draw, pay back, and continue to use the Line of Credit (given the availability) within the first 10 years. Unlike the Home Equity Loan, the balance of a Line of Credit can be paid in full and remain open, unless requested to be closed by the borrower. If there is a balance at the end of 10 years; the balance will be divided amongst the repayment period.
