HOME EQUITY LINE OF CREDIT (HELOC)
unlock your home’s equity
Access flexible funds with a Home Equity Line of Credit (HELOC)—perfect for renovations, debt consolidation, or life’s big expenses.
A HELOC lets you borrow against the equity you’ve built in your home. Unlike a traditional loan, a HELOC works like a credit card—you can draw funds as needed, repay them, and borrow again.
Why Choose a HELOC?
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- Lower rates than most credit cards and personal loans
- Flexible borrowing and repayment options
- Interest-only payments during the draw period
- Ideal for ongoing or unexpected expenses
How Homeowners Use a HELOC
- Home renovations and upgrades
- Debt consolidation
- Emergency expenses
- Education costs
- Major purchases
How Do HELOC’s Work?
1. Draw Period
Access your funds as needed for up to 10 years.
2. Repayment Terms
Monthly interest payments are required during the draw period. Your payment amount may increase or decrease based on changes to the APR. Principal payments may be made at any time to reduce your balance.
3. Reuse of Funds
As you repay the balance, your available credit is replenished, allowing you to borrow additional funds during the draw period as needed.
FAQ’s
What’s the difference between a HELOC and a home equity loan?
A HELOC is a revolving credit line, while a home equity loan provides a lump sum.
Can I pay off my HELOC early?
Yes, SSB allows HELOCs to be repayed early without penalties.
Are rates fixed or variable?
SSB HELOC is a variable rate, the interest rate and APR are variable and may change monthly based on the Wall Street Journal Prime Rate plus a margin. The rate or margin you qualify for is based on various factors including your credit history and the combined loan-to-value (CLTV) of your property.
Is the interest tax deductible?
Interest on home equity lines and loans may be tax deductible. Consult your tax advisor regarding tax deductibility. Security Savings Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.
What is the difference between a Home Equity Line of Credit and a Home Equity Loan?
A Home Equity Loan provides funds as a one-time lump sum with a fixed interest rate and predictable monthly payments over a set term.
A Home Equity Line of Credit (HELOC) allows you to borrow money as needed up to a set credit limit during a draw period. HELOCs typically have variable interest rates, and your payments may change over time. As you repay the balance, you can reuse the available credit during the draw period.
Disclosures
Subject to credit approval. Terms and conditions apply. The Home Equity Line of Credit (HELOC) is a variable-rate loan secured by your home. Property insurance is required. 7.25% APR as of 3/1/2026, The interest rate and APR are variable and may change monthly based on the Wall Street Journal Prime Rate plus a margin. The rate or margin you qualify for is based on various factors including your credit history and the combined loan-to-value (CLTV) of your property. The maximum APR over the life of the loan is 18.00%. The minimum APR over the life of the loan is 3.25%. Monthly payments may increase or decrease based on changes to the APR. Closing costs are typically $500 – $900 including the appraisal and attorney fees. Maximum combined loan-to-value is 80%. Your home is used as collateral and may be at risk if you do not repay the loan. Consult your tax advisor regarding the deductibility of interest.