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Access to Your Home’s Equity when You Need It

Home Equity Line of Credit

Home Construction

What is a HELOC?

A HELOC (Home Equity Line of Credit) is a revolving credit line secured by your home's equity. You can borrow as needed during the draw period and pay interest only on what you use. Once the 10-year term is up, the full balance is due.

Features & Benefits

Flexible Access
Draw funds when you need them. As you repay the line of credit, the funds become available for use again.
Competitive Rates
HELOC rates are typically lower than credit cards or personal loans - helping you save on interest.
Flexible Payment Terms
During the draw period, you have interest-only payment options to help keep cash flow manageable. When the draw period ends, you can pay off the HELOC or refinance the loan.
Local Expertise
Work with Ohio-based lenders who understand your market and guide you through the process.

How To Get A HELOC

Tap into the equity in your home to consolidate debt, remodel your house, cover major expenses — or use the funds for whatever matters most to you.

01.
Compare

Quickly compare home equity loan rates and terms to find the best fit for you.

02.
Calculate

Estimate how much you qualify for based on the equity in your home.

03.
Prepare

We'll make things easy for you to get a HELOC to pay for the things you need.

04.
Apply

Do well and be good when you get the money you need to do the things you want.

 

Today's Rates

Rates shown are Annual Percentage Rates (APR) and are subject to change.  Terms and conditions apply.  Payment examples available upon request.

HELOC 10-Year Term As low as 7.250% APR* Minimum loan amount $10,000

HELOC Calculator

Use our calculator to estimate how much you are eligible. Use the rates and terms above as a helpful guide, remembering the rate you may qualify for could be different depending on factors like term and your credit score. Osgood Bank's maximum loan-to-value (LTV) for a HELOC is 90%

 

Tools and calculators are provided as a courtesy to help you estimate your mortgage needs. Results shown are estimates only. Speak with an Osgood Bank Lender for more specific information. 

Ready to Access Your Equity?

Get in touch with our team to see what you qualify for. We’ll walk you through your rate options, estimate your equity, and help you decide whether a HELOC is right for your home.

Frequently Asked Questions

HELOC Questions

What are the terms of a HELOC?

A Home Equity Line of Credit is a 10 year adjustable rate loan with a draw period and a repayment period.

The draw period is 10 years where you will have ongoing access to available funds. During the draw period, you can borrow against your home's equity. Your minimum payment is the interest on what you have drawn against your line of credit. Principle paid becomes available credit again.

After the draw period, you can pay off your loan or refinance it into a new HELOC.

How much can I borrow?

We will use independent appraisers to assess the value of your house. This will helps us determine how much you are eligible to borrow from the equity in your home.  

You can typically borrow up to 90% of the value of your home, minus what you currently owe.

Are there closing costs or annual fees?

There are typically low or no closing costs associated with a HELOC at Osgood Bank. Your lender will discuss these with you during your application process.

There is a $50.00 annual fee. We waive this for your first year. 

What happens when my HELOC balance is zero?

Your line of credit will remain open and available for 10 years or unless you decide to close it.

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