Interest-only Heloc

Interest-Only Home Equity Line of Credit

Get the money you need, when you need it! There are so many things you can do with our Interest-Only Home Equity Line of Credit such as:

Consolidate Debt  |  Make Home Improvements  |  Pay for Education   |  Handle Unexpected Expenses  

The best part, the monthly repayment is low and you have the flexibility to begin repaying only the accumulated interest!  

Affordable Lending:

No/$0

  • Application fee
  • Annual fee
  • Closing costs
  • Pre-payment penalties
  • Transfer fee in online banking

LOW

Payments

UP TO

70% loan-to-value (LTV)

FLEXIBLE

10 year draw; 15 year repayment

Example: Bathroom Remodel

National Average Bathroom Remodel1 $10,365
5.750% APR Home Equity LOC
10 year Interest-Only Payment = $49.67

1 HomeAdvisor, https://www.homeadvisor.com/cost/bathrooms/remodel-a-bathroom/

Payment based on a $10,365 loan with an Annual Percentage Rate of 5.750% for a 25-year term. Interest-only payments due monthly during the 10 years draw period. Principal and interest paid monthly during the 15-year repayment period.

Example: Kitchen Remodel

National Average Kitchen Remodel2 $23,564
5.750% APR Home Equity LOC
10 year Interest-Only Payment = $93.27

2 Home Advisor, https://www.homeadvisor.com/cost/kitchens/remodel-a-kitchen/

Payment based on a $23,564 loan with an Annual Percentage Rate of 5.750% for a 25-year term. Interest-only payments due monthly during the 10 years draw period. Principal and interest paid monthly during the 15-year repayment period.

Ready to get started with a home equity loan or line of credit? Take the next steps.

Email a Loan Officer View Our Rates Apply for an Interest-Only HELOC

*Annual Percentage Rate. Rate based on prime plus margin and credit score. Loan-to-value maximum based on credit score. Floor is 3.00% APR, maximum APR is 18.00%. Rate changes semi-annually based on booking anniversary date. 25-year term (10-year draw period and 15-year repayment period). The minimum payment must be made each month. During the draw period, interest-only minimum payments required. Available only on primary personal residence (not available on investment or rental homes). Existing Sun Federal Home Equity Line of Credit (HELOC) borrower(s) must re-apply and re-qualify.

Home Equity Loan

Home Equity Loan

A home equity loan is like a second mortgage, and allows you to use your home as collateral to finance major expenses, such as home repairs, medical bills and college tuition. The payment never changes and is a shorter term than a first mortgage.

Simplified, Flexible Lending:

  • No closing costs, annual fee or prepayment penalties
  • Better, lower interest rates
  • Flexible payment options & online banking
  • Up to 80% of your home value available

Ready to get started with a home equity loan? Take the next steps.

Email a Loan Officer Apply for a Home Equity Loan View Our Rates

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