HEL vs HELOC
If you want to borrow against the equity in your home with a flexible revolving line of credit, while still maintaining the stability that comes with the fixed interest rate of a traditional home equity loan, a Bethpage Home Equity Line of Credit (HELOC) could be the perfect option for you.
A Bethpage HELOC provides members with:
- A low, fixed introductory interest rate for the first 12 months, then the current Prime rate thereafter, with no closing costs.
- The flexibility to use their available revolving line of credit as needed during the 10-year draw period.
- The option to lock in their rate, at any time during the draw period, for some or all of their balance, in up to three (3) Fixed-Rate Loan Options. The fixed rate won’t change during the selected term, providing protection from the possibility of rising interest rates.
- The option to maintain all or some of their balance at a variable rate and make interest-only payments during the 10-year draw period.
A Bethpage HELOC can be used to fund major expenses, like home renovations, tuition payments or a wedding, or to consolidate debts in other areas of your life.
Discover Bethpage HELOCs today