Interest -Only Home Equity Line of Credit
An interest-only home equity line of credit (HELOC) means you pay only the monthly interest during the draw period, giving your budget some flexibility while completing your projects. Keep in mind that interest-only payments will not repay the outstanding principal on your line.
If you prefer a fixed rate and monthly payment, look at our closed-end home equity loan.
Call our loan department at (989) 892-6088 or visit us to apply.
Learn about Interest-Only Payments
- Only pay the monthly interest each month.
- Use the funds over and over again as you borrow and repay.
- Easily access your funds through our EdgeMobile App, ElectronicEdge Online Banking, or over the phone.
- Lines of credit available up to $200,000.
- Use for home improvements, large purchases, college tuition, a vacation, or debt consolidation – whatever your life needs!
- Terms up to 10 years.
- Minimum $100 payment.
How does an Interest-Only Payments HELOC work?
During the draw period, you can borrow and repay funds over and over again, up to your maximum credit limit – much like a credit card. You’ll receive a monthly bill for just the monthly interest. (Keeping in mind that paying only the interest will not repay the outstanding principal on your line.)
At the end of the draw period, you will begin the repayment period to repay the amount borrowed plus accrued interest. The loan terms will remain unchanged, except you can no longer access funds.
*Refer to our Home Equity Early Disclosure for more information.Go to main navigation