Home Equity Line of Credit (HELOC) & Loans

Use the equity in your home to fund major purchases.

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Home equity loans are a great way for homeowners to take advantage of the equity they have built up in their homes. There is no limitation on what the funds can be used for, which means you can use funds for home improvements, adoption expenses, vacations or even consolidating your debt into one manageable payment. Rates are generally more favorable than other borrowing options and depending on the use, the interest paid may be tax-deductible (check with your tax advisor).

How can you use a home equity loan or line of credit?

Options to access your equity

How do you know if you should get a home equity line of credit (HELOC) or a term home equity loan (HELOAN)? If you have one large project, like a home addition, a HELOAN may be the better option. If you’ve just purchased a home and have several projects that will be done over time, a HELOC allows you to draw the funds when to you need them.

Which home equity product is right for you?

 

Home Equity Line of Credit
(HELOC)

Home Equity Loan
(HELOAN)

Loan Type
Loan Type

Open-ended line of credit
Secured by primary home
Revolving line of credit (borrow funds as you need them)

Loan Type

Closed-end loan
Secured by primary home
One-time lump sum received upfront

Best for...
Best for...

Multiple projects or purposes with the potential for variable costs over time

Best for...

One-time projects or purposes where the cost is known

Minimum Amount
Minimum Amount

$5,000

Minimum Amount

$5,000

Rates
Rates

(3) types:
5-year fixed rate draw / 15-year repayment
5-year adjustable rate draw / 15-year repayment
10-year adjustable rate draw / 10-year repayment

Rates

Fixed rate
From 12 to 180 month term options

OR

Adjustable Rate Mortgage (ARM)
Rates may adjust annually after a 5-year fixed period with 5, 10 and 15 year term options

Repayment Terms
Repayment Terms

Draw period payments are interest-only based on the amount borrowed.
After the draw period, payments are made on P&I for the remaining duration of the loan.

Repayment Terms

Fixed payments
Principal & interest payments for the entire duration of the loan.


Already have a HELOC or HELOAN with American National Bank?

 

There’s no need to apply for a new loan or use your credit cards.

You have access right now to funds that can help you do more to accomplish your home or life goals.

 

Options to take advantage of your balance today:

1. Online: Use online or mobile banking to transfer funds

2. In-person: Visit any of our branches to meet with a banker

3. Via phone: Call or fill out a contact inquiry form

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