Home Equity Line of Credit
What's a Home Equity Line of Credit (HELOC)?
A Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home, using it as collateral. Unlike a traditional loan, a HELOC provides a revolving line of credit—similar to a credit card—so you can:
- Borrow up to a pre-approved limit.
- Repay all or part of the balance.
- Borrow again as needed, up to your limit.
With a HELOC from Washington Savings Bank, you get the flexibility to manage your finances while taking advantage of competitive rates and convenient access to funds.
Home Equity Line of Credit Application
Why Put Your HELOC to Work?
A HELOC offers multiple benefits that make it a smart borrowing choice:
- Lower Interest Rates: Rates are typically lower compared to credit cards or personal loans.
- Flexible Borrowing: Access funds as needed—borrow only what you need, when you need it.
- Potential Tax Benefits: You may be eligible for tax deductions on interest paid (consult your tax advisor).
- Quick and Easy Access: Get fast approval and easy access to your funds when you need them.
Home Equity Line of Credit Application
Smart Ways to Use Your HELOC
Whether you’re planning a project or managing unexpected expenses, a HELOC can help you meet your financial goals:
- Home Renovation: Increase your home’s value with upgrades or repairs.
- Debt Consolidation: Simplify payments and reduce interest by consolidating higher-interest debt.
- Education Costs: Invest in your future by covering tuition or education-related expenses.
- Emergency Expenses: Have peace of mind knowing funds are available for unexpected situations.
- Large Purchases: Finance major purchases like appliances, vehicles, or vacations.
- Business Needs: Fund growth, equipment, or operating expenses for your business.
- Refinancing Other Loans: Pay off or refinance existing loans at a lower interest rate.
Home Equity Line of Credit Application
HELOC FAQs
Can I obtain a Home Equity Line of Credit (HELOC) with Washington Savings Bank if my mortgage is with another bank?
Yes! You can secure your HELOC with Washington Savings Bank even if your mortgage is financed elsewhere.
What documents are required to apply for a HELOC?
Submitting the following documents will help speed up the processing of your application:
- Copies of the last 2 years’ W-2s
- Copies of your most recent pay stubs
- Copies of your last 1-month bank statements for all accounts
- If self-employed or receiving commission income, copies of the last 2 years’ complete tax returns (including all schedules and attachments)
Submit securely: Use our Secure Email Message Center to upload your documents safely.
Home Equity Line of Credit Application
Call one of our trusted lenders today!
Toll-free number: (800) 836-7173
Effingham
- Christopher T. Kabbes, NMLS# 402338
- Timothy Joe Hoehn, NMLS# 757274
- Landon D. Etheridge, NMLS# 402339
Mattoon
- Kathi Lynn Bottorff, NMLS# 525608
- Blake A. Masse, NMLS# 2240653
- Kimberly Dawn Weaver, NMLS# 431455
Washington Savings Bank NMLS# 493998
