Personal Home Loans FAQs
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Depending on the terms of your HELOC, your new Line may have an “interest only” repayment option. For HELOC applications after 2/1/2024, this repayment option is available on primary/secondary properties with a maximum LTV of 80% and members with a minimum credit score of 700.
For a fully amortized payment, the payment is calculated to be principal and interest necessary to fully amortize the outstanding balance over a 20-year term, subject to a minimum monthly payment of $100.
For an interest-only payment, the payment is calculated as the amount of interest accrued to the last day of the billing cycle, subject to a minimum monthly payment of $100.
