Home Equity Line of Credit (HELOC)

Make the most of your home’s equity.


Unlock the equity in your home to help pay for large expenses such as home improvements, debt consolidation, education expenses and more. A home equity line of credit (HELOC) is a far more efficient and affordable way to pay for these expenses than taking out a personal loan with high interest rates and upfront fees.
 
At ABNB, we offer both fixed- and variable-rate HELOCs with several term lengths.

Key Features

  • Competitive Rates
  • Flexible Terms
  • No Closing Costs

*APR = Annual Percentage Rate. APRs are fixed rates based on approved credit with an LTV of 80% to 100% and will not increase during the life of the loan. Available to members with qualifying credit. Some restrictions may apply. Closing costs will be applied if the loan is closed within the first two years.  Membership required. Homeowners insurance required. Interest may be tax deductible, consult your tax advisor. Maximum annual percentage rate will not exceed 18.00% APR.

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Simply put, your equity is your home’s current value minus your outstanding mortgage balance. Once your mortgage approaches 20% of the equity in your home, you may be eligible for a HELOC. With a HELOC, you can borrow against your home’s equity, just like a credit card. Once approved, you’ll have a set number of years to use your funds and pay it back with interest.

Save money with an ABNB HELOC:

  • No closing costs
  • No upfront fees
  • No minimum draws

Tax-tip: Your HELOC may be tax deductible, so check with your tax professional.

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Interested in a first mortgage with ABNB? Click here for more information.

What can I use my HELOC for?

Your HELOC can be used for home improvements, debt consolidation, education expenses, vacation costs, emergency expenses like medical bills, wedding costs and more.
 
What do I need to apply for a HELOC?

You will need the borrower(s) information, the property information, a current mortgage statement, a current homeowner's policy, and current paystubs for the borrower(s).

How long does it take to get a HELOC?

Applying for and obtaining a HELOC usually takes about 10 days to 3 weeks to complete, with most of our loans funding within 10 days.

What terms are available for your fixed and variable rate HELOCs?

Our fixed rate HELOCs have a two-year draw period, with repayment terms of 5, 10, or 15 years.  The first two years feature interest-only payments, and the remaining, 5, 10, 15 years are principal and interest payments.  This means that the total terms of the HELOCs are 7, 12, or 17 years.

Our variable rate HELOC is tied to the prime rate published in the Wall Street Journal and features a 10-year draw period with a 10-year repayment period.

Do I have to write a check to withdraw funds from my HELOC?

No, checks can be provided, but we offer a variety of convenient self-service options through online/mobile banking. Funds can be transferred straight to your ABNB checking account so you can pay with your debit card or via bill pay.  Funds can also be transferred by phone or at a branch.

What are current rates for HELOCs?

Click here for our current rates.

Our online debt/payment protection process is simple, fast, and convenient. To file a Debt/Payment Protection claim call 800.621.6323 or visit Your Claim. Our mobile-friendly site gives you 24/7 access to your claim, so you can start a new claim, see your claims status or benefits details, and view FAQs. 

Don't miss your chance to make the most of your home's equity. Questions? Call 757.523.5300 to speak with our HELOC specialists.