Login To:

802/800 371-5162

Home Equity Line of Credit

A home equity line is a revolving line of credit secured by a mortgage on your primary residence in Vermont or New Hampshire. The line of credit is available for your use during a specified period of time, similar to the line of credit that is available on a credit card.

You can borrow up to a certain amount of the equity in your home and have that amount of money available to you for immediate or future use during the draw period of the loan.

Think of it as a credit card:

• When you need to borrow money, you tap into your line of credit.
• When you repay funds, the funds become available again for your use.
• You receive a booklet of convenience checks so you can access your home equity line of credit any time.

This type of loan has a variable interest rate that can change monthly throughout the term, or number of years, you select to have the line of credit open.

Maximum Borrowing Amount

To determine how much you can borrow you first need to know the total equity in your home. The first step is to determine the value of your home. There are two ways to determine the value:

• Fair Market (Appraised) Value - determined by a professional appraiser
• Tax Assessment Value - determined by your property tax assessor

You can borrow up to 90% of the value of your home using either method.

The benefit of using the tax assessed value is that it is a free cost analysis. Whereas a fair market value requires the paid employment of a professional appraiser.

If using an appraised value, the total maximum amount that can be borrowed is $150,000. If using the tax assessment value, the total maximum amount that can be borrowed is $100,000.

Apply Today

See our online application.