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Our Home Equity Loan allows you to take a one-time draw on the equity in your home. You can borrow up to 90% of the equity in your home with repayment terms up to 15 years and features a fixed rate and payment for the life of the loan.
A Home Equity Line of Credit features a revolving line of credit and the flexibility to borrow funds as you need them, up to the line of credit amount. The interest rate adjusts semi-annually based on Prime plus a margin. With repayment terms up to 15 years there is a low payment to fit every budget. And, as you payback the principal, the funds become available to you again.
If you are looking for more control over your budget and cash flow then consider our new Interest-only Home Equity Line of Credit. With this loan you can enjoy lower monthly payments with the option of paying just the interest and as much principal as you want over a seven year period. At the end of the seven years, your payment is recalculated and you begin to pay principal and interest for the next 8 years. Consult your tax advisor to determine which type of loan is right for you.
Talk about convenient! Here's the easiest way yet to access your Home Equity Line of Credit. Metro's Home Equity VISA card allows you to make purchases at any merchant that accepts VISA. However, unlike a regular credit card, you're simply accessing funds from your Metro Home Equity Line of Credit. It's fast, easy, and there are no fees or extra charges to get your card.
Home Equity Available Credit Worksheet
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