Home equity line of credit—HELOC
Exploring HELOC options with OnPoint
Get the options and flexibility you need when it comes to updating, adding onto, or refinancing your home with OnPoint Home Equity Financing. Available as a “use it when you need it” line of credit or a fixed-rate option, you can use your funds for almost anything.
Achieve more with an EquityFlexTM line of credit
A HELOC can help you achieve your goals and improve your cash flow. With a HELOC, you can use the equity you’ve built in your home to consolidate debt, make home improvements, pay for college tuition, start a small business and more.
Apply for a HELOC onlineHow can I use a HELOC?
- Home renovation or upgrades
- Prepare a home for sale or add accessibility
- Repay student loans or pay off medical debt
- Consolidate high-interest loans or credit cards
- Pay for a wedding, trip, or large expense
- Finance a new business
- Emergencies and more
What you need to know about EquityFlex
Best for:
Best for:
How it works
How it works
Prerequisites
Prerequisites
Accessing funds
Accessing funds
Borrowing amount
Borrowing amount
Annual fee
Annual fee
No prepayment penalty
No prepayment penalty
Non-owner occupied
Non-owner occupied
Fixed payment terms up to 20 years
Fixed payment terms up to 20 years
Discounted rate when in first lien position
Discounted rate when in first lien position
EquityFlex™ line of credit
Best for:
Putting the equity that you’ve built in your home to work for whatever you need, whenever you need it.
How it works
This is the flexible line of credit that’s there when you need it. Funds can be used for almost any purpose. Best of all, you’ll only pay interest on what you use.
Prerequisites
None
Accessing funds
Funds are distributed as you request them, up to your approved limit. You may access funds with Digital Banking, Telephone Teller or by visiting any branch.
Borrowing amount
This line may be financed up to the determined equity value of your home.1
Annual fee
$75 (waived first year)
No prepayment penalty
Non-owner occupied
Fixed payment terms up to 20 years
Discounted rate when in first lien position
EquityFlex™ fixed portion options
Best for:
Tapping into your home’s equity for a lump sum loan to use for home improvements, unexpected expenses and more.
How it works
Convert a portion (or all) of your line into a fixed-rate loan. You’ll have the security of a rate that’s locked, with set terms for repayment.
Prerequisites
Have an existing OnPoint EquityFlex line of credit.
Accessing funds
Funds are distributed by check or transferred into the account of your choice. You may access funds with digital banking telephone teller or by visiting any branch.
Borrowing amount
Up to the current credit limit.
Annual fee
$0
No prepayment penalty
Non-owner occupied
Fixed payment terms up to 20 years
Discounted rate when in first lien position
Rates
Maximum Loan-to-Value1 | Available Terms | Annual Percentage Rate2 (APR) | Estimated Minimum Monthly Payment | |
|---|---|---|---|---|
Rates Effective: 09-23-2023 Learn more about home equity lines of creditEquityFlex Lines of Credit have a maximum 30-year term with a 10-year draw period and a 20-year repayment period. All EquityFlex Lines of Credit include a $75 Annual Fee during the draw period, which is waived the first year. There is no Annual Fee during the repayment period. Property insurance is always required and flood insurance is required where necessary. Certain property types are not eligible collateral. Borrower pays closing costs and third party fees, which range between $125 -$2500 (estimate). This includes flood certification, appraisal, title insurance, lien and encumbrance report, lien recording fee, and escrow fees if required. Upon payoff/closure, there will be a Deed of Trust reconveyance fee. Please refer to the Personal Fee Schedule at the time of payoff/closure for the current amount due. 1 Loan approval is subject to credit approval and program guidelines. Maximum loan to value, maximum amount financed, and applicable margin are subject to equity value and OnPoint’s credit and underwriting requirements. Maximum amount for fixed portions are determined by the EquityFlex Line of Credit limit. For EquityFlex Line of Credit with LTV over 80%, the amount financed may not exceed $50,000. For EquityFlex Interest Only Line of Credit, the amount financed may not exceed $150,000. 2 EquityFlex Line of Credit rates are variable and based on The Wall Street Journal Prime Rate plus a margin of 0% – 2.75%, depending on occupancy, LTV, and creditworthiness. The APR will vary with the Prime Rate. Rates are subject to change without notice. The Prime Rate is subject to adjustment on the 21st day of each month based on the Prime Rate published in The Wall Street Journal on the 10th day of the month (or the next business day if the 10th falls on a weekend). 3 Estimated minimum monthly payment is for the draw period only. The repayment period is subject to change. 4Not to exceed 30 years from the origination date of EquityFlex Line of Credit. 5 OnPoint’s fixed rates are subject to change without notice. 6 You may convert all or a portion of your outstanding variable-rate EquityFlex Line of Credit balance to a fixed rate balance resulting in Bundle Rewards Discount. Borrowers who are eligible for Bundle rewards receive 0.25% off of the APR (Annual Percentage Rate) for fixed rate portions of EquityFlex loans when converted. The discount does not apply to the variable APR. Setting up and maintaining auto payment from an OnPoint Checking or Savings account is required. Additional products and services are required to qualify for Bundle Rewards. Please see an OnPoint representative for more information or click here. Solar Panel Discount. Fixed Portion Options with proceeds used to purchase solar panels receive a 0.25% discount off stated APR. The discount does not apply to Streamline First Lien Fixed Portion Option or existing OnPoint EquityFlex fixed portions. A review of the purchase order or invoice is required to qualify. The discount applies to invoice/purchase order amount, not to exceed $12,000. | ||||
EquityFlexTM Line of Credit | Maximum Loan-to-Value1 Up to 80% LTV | Available Terms 10-year draw period, 20-year amortization period | Annual Percentage Rate2 (APR) 8.50% - 9.00% | Estimated Minimum Monthly Payment 1.5% of outstanding balance or $25, whichever is greater3 |
Maximum Loan-to-Value1 80.01% - 100% LTV | Available Terms 10-year draw period, 20-year amortization period | Annual Percentage Rate2 (APR) 10.50% - 11.00% | Estimated Minimum Monthly Payment 1.5% of outstanding balance or $25, whichever is greater3 | |
EquityFlexTM Interest Only Line of Credit | Maximum Loan-to-Value1 Up to 80% LTV | Available Terms 10-year draw period, 20-year amortization period | Annual Percentage Rate2 (APR) 8.50% - 9.00% Variable APR | Estimated Minimum Monthly Payment Accrued interest on balance owed or $25, which ever is greater3 |
EquityFlexTM Fixed Portion Option6 | Maximum Loan-to-Value1 Up to 80% LTV | Available Terms 5 - 20 years4 | Annual Percentage Rate2 (APR) 7.25% - 8.00% | Estimated Minimum Monthly Payment $ 329.45 based on a 15-year, $35,000 loan at 7.75% APR |
Maximum Loan-to-Value1 80.01% - 100% LTV | Available Terms 10 - 15 years4 | Annual Percentage Rate2 (APR) 10.50% - 10.75% | Estimated Minimum Monthly Payment $ 224.19 based on a 15-year, $20,000 loan at 10.75% APR | |
EquityFlexTM Fixed Portion Option - in first lien position6 | Maximum Loan-to-Value1 Up to 80% LTV | Available Terms 5 - 20 years4 | Annual Percentage Rate2 (APR) 6.25% - 7.00% Fixed APR5 | Estimated Minimum Monthly Payment $ 309.72 based on a 15-year, $35,000 loan at 6.75% APR |
Non-Owner Occupied EquityFlexTM Line of Credit | Maximum Loan-to-Value1 Up to 65% LTV | Available Terms 10-year draw period, 20-year amortization period | Annual Percentage Rate2 (APR) 10.75% - 11.25% | Estimated Minimum Monthly Payment 1.5% of outstanding balance or $25, whichever is greater3 |
Non-Owner Occupied Fixed Portion Option6 | Maximum Loan-to-Value1 Up to 65% LTV | Available Terms 10 - 20 years4 | Annual Percentage Rate2 (APR) 9.75% - 10.25% | Estimated Minimum Monthly Payment $376.11 based on a 15-year, $35,000 loan at 10.00% APR |
Discounts, fees and more.
At OnPoint, we offer excellent terms on our HELOC loan products. If you need home equity to fund your home repair, home improvement or other large or unexpected expense, then our team can help you get started with a credit line.
What costs come with a HELOC?
In addition to interest accrued over the term of your loan, when closing your HELOC there will be upfront closing costs on the loan. Closing costs are a percentage of your overall loan amount but typically lower than your primary mortgage and the fees may be rolled into your credit line.
Get more info about a HELOC
Home Equity Solar Panel Discount
Save money while saving energy. An EquityFlex Line of Credit gives you the flexibility you need for just about anything. And when you fix a portion of your line of credit to purchase solar panels, receive a 0.25% discount off the EquityFlex Fixed Portion APR.2
Home equity FAQs
The amount of equity available for a home equity loan or home equity line of credit is determined by the loan-to-value ratio of the home and the ratio requirements of the lender. A loan-to-value ratio is calculated by taking total mortgage debt (including any second mortgages or existing home equity loans) and dividing it by the current, appraised value of the home. The size of a home equity loan or line of credit will also depend on the loan-to-value requirements of the lender. Higher loan-to-value requirements can result in larger home equity loans or lines of credit.
Consider applying for an EquityFlex Line of Credit
Our EquityFlex Line of Credit puts the equity that you've built in your home to work for whatever comes your way. Funds can be used at any time and you will only pay interest on what you use! Funds will be distributed upon request and can be accessed through Digital Banking, Convenience Checks, Telephone Teller, or at any branch location.
Some restrictions may apply. Please consult your tax advisor on tax deductibility.
Our EquityFlex Line of Credit puts the equity that you've built in your home to work for whatever comes your way. Funds can be used at any time and you will only pay interest on what you use! Funds will be distributed upon request and can be accessed through Digital Banking, Convenience Checks, Telephone Teller, or at any OnPoint branch.
If the real market value of your home is $200,000 and the amount owed on your loan is $160,000, your total Equity is $40,000.
Apply for an OnPoint Home Equity Line of Credit today.
Get started today.
Apply onlineApply at your local branch.
Schedule a branch appointmentStop by an OnPoint branch.
Find a nearby location or ATMDisclosures
- Maximum line amount is $50,000 for EquityFlex Line of Credit with LTV over 80%. Maximum line amount is $150,000 for 80% EquityFlex Interest Only Line of Credit. The maximum LTV for EquityFlex Lines of Credit is 100%. The maximum LTV for Non-Owner Occupied and EquityFlex Lines of Credit is 65%. Maximum loan to value and maximum amount financed are subject to equity value and OnPoint’s credit and underwriting requirements.
- Receive a 0.25% discount off EquityFlex Fixed Portion stated APR when proceeds are used to purchase solar panels. Review of purchase order or invoice required to qualify. Discount applies to invoice/purchase order amount, not to exceed $12,000.