Home Equity Line of Credit (HELOC)

• Get funding for any major purchase or need using the equity in your home as collateral
• Revolving line of credit or fixed rate and fixed term repayment options
• Lock in a rate for major purchases with the term option
• Use multiple repayment options at the same time
• Interest-only option available if credit qualified
• Access funds anytime through online banking

If all product conditions are met, Countybank will pay up to $350 toward the closing cost at the origination of this HELOC product.* The interest paid may be tax deductible.** Local decision-making and processing of your HELOC right here in Upstate South Carolina. Customized service from your community lenders. 

*If the line is closed for any reason within the first three years the closing costs pre-paid at origination will be charged to the customer. This amount will not be pro-rated.

**Consult your tax advisor.

Use multiple repayment options at the same time for your HELOC. For instance, you can use the fixed rate/fixed term option for a vehicle purchase while using the revolving line of credit.

Option 1: Revolving Line of Credit

With a variable rate period based on the Prime Rate interest accrues only on the amount you actually use. During the draw period, the minimum monthly payment 0.875% of the outstanding balance, includes the accrued interest, and usually reduces the outstanding principal balance. This is a suitable option for: 

• Small home improvements
• Debt consolidation
• Furniture

Option 2: Fixed Rate/Fixed Term

With a fixed rate and term, there's no guessing about HELOC payments. You can set up a fixed monthly payment for each advance, selecting from a variety of repayment options. This applies to each advance you make (minimum amount of $5,000). With this option, you may have up to three advances outstanding at any one time. This option is suitable for: 

• Vehicle purchases
• Boat purchases
• Home improvements
• Debt consolidation

Credit Lines Beginning at $15,000
Collateral: Equity in a primary residence
Interest Up to 100% Tax Deductible*
Loan-to-Value/Rate**

HELOC Repayment Options

• Interest only option available if credit qualified
• Fixed Option
• Set monthly payments of principal and interest
• Create up to 3 loans within your line
• As you make payments, your available credit is instantly replenished 

Fees

• $25 for each balance conversion to term loan
• $35 per year for non-use of line*** 

*APR = Annual Percentage Rate. Interest may be tax-deductible; consult your tax advisor.

**All rates are based on each individual's credit history and loan-to-value ratio, are variable and subject to change at any time without notice and may be higher or lower than the rate currently offered. Prime Rate is a variable rate based on the Prime Rate established on the first day of each month in the Eastern Edition of The Wall Street Journal. As of June 15, 2017, the Prime Rate is listed at 4.25%. This offer is limited to owner-occupied, single family dwellings and is not valid for rental properties, cooperatives, mobile homes, or residential lots. Equal Housing Lender. Member FDIC. 

***The $35 fee is only charged during any 12-month period with no balance or activity on the line of credit.