With Rates on the Rise, Lock in Your Home Equity Line of Credit Rate with WyHy's New Hybrid HELOC
If you’re looking for a Home Equity Line of Credit (HELOC) or a Home Equity Loan, how about both all in one?
Our NEW Hybrid HELOC offers the flexibility you deserve and is easy to use. It starts out as a line of credit and allows up to two (2) fixed loan segments so your rate on each specified amount remains fixed, no matter what!¹
Use the value you’ve built up in your home to pay for a variety of wants and needs. If you don't want the funds in one lump sum and rather have access to the funds in bits and pieces when you need it — then a Home Equity Line of Credit is the way to go.
For Example: Let's say you're looking to do a bathroom remodel:
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You have a $100,000 HELOC with a balance of $50,000 on the line of credit, with $50,000 still available
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So you decide to “fix” $25,000 as one of your fixed rate segments
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Your fixed balance of $25,000 comes with a 10-year amortization¹
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Your available line of credit is still $50,000
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Your balance in the line of credit is now $25,000 at the same variable rate, with the other $25,000 locked into your fixed rate segment
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While you have two rate scenarios, they will be added together so you only have to pay one total amount each month until each segment is paid in full
It's a fixed rate loan with a line of credit all in one!
And as always, our HELOCs offer:
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Loan to Value (LTV): Up to 100%
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Draw Period: Up to 240 months/20 years
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Repayment Terms: Loan is amortized for 240 months/20 years with the final 10 years strictly repayment of the loan balance
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Closing Fee: None
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Early Payoff Penalty: None
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Interest: Simple interest based on a 365-daily accrual
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Make your monthly payments in a variety of ways: in person, through the mail, auto deduction, payroll deduction, Online Banking or telephone banking
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Receive statements via Online Banking, or through the mail
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Members who select eStatements via Online Banking will be able to view their statements on the 1st day of each month
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Please reference Important Terms for more information on loan qualifications and examples. All loans subject to final credit approval. Consult your tax advisor concerning the deductibility of interest.
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