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A Home Equity Line of Credit is an open-ended loan secured by your home's equity.
A line of credit allows you to borrow again and again as you need it without reapplying.
You only make payments on the amount that you use and you can access your credit line by simply
writing a check or visiting any Dollar Bank office. There is a minimum advance amount
of $100. Or, you can use the Visa® Access Card to make puchases. For details, click here.
Your home's equity is calculated by subtracting the amount you owe on any mortgage or loans that are secured by your home from the current market value of your home.
The amount of the home equity line of credit you may qualify for is a percentage of the amount of equity you have.
The interest paid on a Home Equity Line of Credit May be tax deductible.*
Dollar Bank offers three types home equity lines of credit.
With any option, the minimum line amount is $10,000 and there
are no prepayment penalties.**
Home Equity Line of Credit
Your monthly payment on a Home Equity Line of Credit is
calculated on a percentage of your balance and includes both your
principal and interest.
Interest-Only Home Equity Line of Credit
An Interest-Only Home Equity Line of Credit offers the flexibility of making
interest-only payments or paying down your principal at any time without
1st Mortgage Home Equity Line of Credit
This home equity line of credit is a great financing tool for customers
who do not currently have a mortgage payment or who would like to refinance their mortgage
with a home equity line of credit. The payment is calculated as a percentage of your balance
and includes both principal and interest.
Third-lien position home equity lines of credit are also available.
This allows you to access more of your home’s equity at a great rate without having to
refinance your first or second-lien loan. For details or to apply for a
third-lien home equity line of credit, call 1-800-242-BANK or your local Dollar Bank office.
To calculate how much you can save in interest with our home equity
lines of credit, click here.
Already know what you are looking for? This application process should only take you about
20 minutes to complete.