Unlock the equity in your home with a Home Equity Line of Credit (HELOC).
A HELOC allows you to use your line of credit for your needs: home improvements, a dream vacation, tuition, a new car or paying off other debt.1, 2
Our Home Equity Line of Credit features:
- Competitive rates and terms³
- Line of credit amounts from $10,000 to $250,000
- Local processing and underwriting
- Clients can advance funds in-person, transferring funds to a Century Bank personal checking account online or by telephone
- View all of your line of credit activity with Century Bank Online Banking
Pick up an application today at any of our convenient locations!
We are happy to answer your questions. Give us a call at 505.995.1200 or Toll-Free at 1.877.424.2828.
1Offer of credit is subject to credit approval.
2Other restrictions may apply.
3Terms subject to change without notice. For more information about rates, fees and other terms, contact a local Century Bank Representative.
4Mobile Banking is provided by Century Bank at no additional cost, however, you may incur charges to receive internet, cellular or other data service on your mobile device. You may also incur charges from your telecommunications carrier when sending and receiving information in connection with your use of Mobile Banking.
2Other restrictions may apply.
3Terms subject to change without notice. For more information about rates, fees and other terms, contact a local Century Bank Representative.
4Mobile Banking is provided by Century Bank at no additional cost, however, you may incur charges to receive internet, cellular or other data service on your mobile device. You may also incur charges from your telecommunications carrier when sending and receiving information in connection with your use of Mobile Banking.
For questions or to obtain a rate quote, call us at 505.995.1200, visit any of our locations or complete a contact form and we'll call you within one business day!
Personal Credit Cards
Have the freedom to choose a credit card that best suits your style!
10 HELOC Questions & Answers
1. What is a HELOC and how does it work?
A HELOC, or Home Equity Line of Credit, is a revolving credit line that lets you borrow against your home’s equity. You can borrow, repay, and borrow again during the draw period, similar to using a credit card. HELOCs typically have variable interest rates and flexible repayment options.
2. How do I qualify for a HELOC?
To qualify for a consumer HELOC, lenders usually look at your credit score, income, debt-to-income ratio, employment history and the amount of home equity you have. We encourage you to speak with a loan officer to learn more about applying for a HELOC. Other terms and conditions may apply related to the type and use of property securing the loan.
3. What can I use a HELOC for?
A HELOC can be used for almost any major expense, including home renovations, home purchase, debt consolidation, emergency expenses, medical bills, college costs, or large purchases. Many homeowners choose a HELOC for its flexibility and lower interest rates compared to credit cards.
4. How are HELOC interest rates determined?
HELOC interest rates are typically variable, meaning they change based on market conditions. Some lenders may offer introductory or promotional rates.
5. What is the difference between a HELOC and a home equity loan?
A HELOC is a credit line you can draw from as needed, usually with a variable rate.
A home equity loan gives you a lump sum with fixed monthly payments.
HELOCs offer more flexibility, while home equity loans provide stable, predictable payments.
6. How long is the HELOC draw period?
HELOCs have a draw period of 10 years, during which you can borrow money on the available balance as needed. After the draw period ends, you enter the repayment period, which is 15 years and does not allow additional borrowing.
7. Are there closing costs for a HELOC?
Yes. HELOCs often have closing costs such as appraisal fees, origination fees, and title charges, and tax service fees. Fees are determined based on the credit limit amount.
8. Will a HELOC affect my credit score?
A HELOC can impact your credit score in several ways. The lender will perform a hard inquiry, which may cause a small temporary drop. Using a large portion of your available HELOC may increase your credit utilization ratio lowering a score. Making on-time payments can boost your credit over time.
9. What are the risks of using a HELOC?
Because a HELOC is secured by your home, failing to make payments could result in foreclosure. Additionally, variable interest rates mean your monthly payments may increase if market rates rise. Borrowers should budget carefully and use only what they need.
10. How long does it take to get approved for a HELOC?
The HELOC approval process typically takes 4 to 6 weeks, depending on appraisal scheduling, document review, and underwriting.
