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Access the Equity in Your Home.
For home renovation, debt consolidation, or that dream vacation.
Home Equity Line of Credit - HELOC
A HELOC is a flexible line of credit that lets you to borrow money against the equity you’ve built through home ownership. Only pay interest on the amount you use, and it can be used for almost any purpose - from home improvements to unexpected expenses, to paying off debt.
Benefits of a HELOC
- Competitive rates and lending terms to fit your needs
- Flexibility - Only pay interest on the amount you use
- Availability - 24/7 access to the funds you need, when you need them
- May be tax deductible – Consult with tax professional
The HELOC product is not available if the property is in the State of Texas.
Home Equity Loan - HELOAN
A HELOAN is a secured loan that let’s you to borrow money against the equity you’ve built into your home. Home equity loans provide one-time funding, a fixed rate, predictable monthly payments, and fixed terms. FNBO’s home equity loans offer competitive rates and a variety of repayment terms to fit your needs.
Benefits of a HELOAN
- Fixed interest rate and fixed loan terms.
- Predictable monthly payments.
- Best for large, single purchases of a specific amount.
- May be tax deductible – Consult with tax professional.
View our Other Lending Products
HELOC FAQs
- Frequently Asked Questions
A revolving line of credit secured by your home equity. It allows you to borrow money against a limit determined by the equity you’ve built through home ownership. You pay interest only on the amount you use.
HELOCs provide revolving credit, while HELOANS offer a lump sum.
More info: HELOC and Home Equity Loan. Which one is best for you?
It depends on the equity you’ve built through home ownership. You would need to subtract your mortgage balance from your current home value.
About 80% of your home’s value minus the mortgage balance.
You can use a HELOC for almost anything including home improvements or repairs that can increase the value of your home, debt consolidation, or create a safety net in case of unforeseen emergencies.