What is a Home Equity Line of Credit?
A Home Equity Line of Credit lets you borrow against the equity — or value — you’ve built in your home. You get a credit limit, borrow what you need, and only pay interest on what you use.
As you repay your balance, those funds become available to use again.
What Makes Our Home Equity Line with Lock Option (HELLO) Different?
Borrow flexibly, with the added option to lock in a fixed rate when it makes sense for you.
- Lock in a fixed rate on all or part of your balance — up to three fixed-rate advances at a time
- Borrow what you need, when you need it
- Only pay on what you use
- Reuse your available credit as you repay
- Minimal or no closing costs*
HELLO is a flexible option for whatever life brings:
- Consolidate higher-interest debt
- Tuition or large expenses
- Home renovations or repairs
- Family experiences and trips
- Simply have access to cash when life happens
* Closing Costs: If you pay off and close your home equity line of credit within 3 years of activation, you may be required to repay the closing costs that were originally waived. These costs can range from $675 to $1,275. | Annual Fee: The $50 annual fee is waived if you set up automatic funds transfers (AFT) from a St. Mary’s Bank checking account. | Rate Lock Fees: The first rate lock is waived if done within the first year of opening the line of credit. After the first year, and for any additional rate locks, there’s a $50 fee per lock. Minimum draw: $300 per advance. Draws under $300: Subject to a $15 fee.
Rate is variable, based on the Prime Rate (currently 7.50%), minus 0.25%. Minimum rate 3.00%, maximum rate16.00%.
See important details, including additional rates and terms, on the Consumer Loan Rates Page.
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