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HELOC FAQs
A: No, while there are no prepayment penalties some Home Equity Line of Credit products may have an Early Closure Fee.
A: It should take no longer than four (4) weeks from application to closing.
A: Costs vary by state and product type. Call us at 847.672.1280 or submit an e-inquiry
A: No. The interest rate is a variable rate subject to change on a monthly basis. When the interest rate changes, it changes the monthly payment amount.
A: The HELOC is an open-ended mortgage. The home equity loan is a closed end mortgage. On the HELOC your payment is based on the interest rate and payment option chosen at the time the loan is issued. It could be interest only payment options or principal and interest payment options. You can continue to use the available dollar amount on the line for 10 years. In other words, the HELOC can be repaid and then you can borrow the money again and again. With the home equity loan you take the full amount of the loan at closing and interest starts accruing on a daily basis, and repaid on a fixed monthly basis.
A: The current interest rate is posted on our rates page.