HELOC or Home Equity Loan
Receive the extra cash you need
Discover a convenient solution for financing home improvements, education expenses, or debt consolidation right within the walls of your own home.
Unleash the potential of your home’s equity with a HELOC (Home Equity Line of Credit) or a HeLoan (Home Equity Loan). These options enable you to borrow against the equity you’ve accumulated in your home, providing you with extra cash at a typically lower interest rate compared to credit cards or personal loans.
Ways To Use Your Extra Cash
Home Improvement
Looking to remodel your kitchen or build an outdoor living area? A HELOC or HeLoan might be a great option.
Major Expenses
A HELOC or HeLoan may be a smart way to cover major expenses, such as home improvements, college tuition, or other large purchases.
Debt Consolidation
You could save money by using a HELOC or HeLoan to consolidate higher cost debt, such as credit cards or student loans.
Benefits of a HELOC or HeLoan
HELOC
Unlock financial flexibility with a HELOC.
- Pay interest solely on drawn amounts and benefit from variable rates that adjust monthly based on market conditions.
- Enjoy a lower interest rate compared to alternatives like personal loans or credit cards.
- Perfect for those seeking on-demand cash for variable expenses and emergencies.
- Possible tax advantages; consult a tax adviser.
HeLoan
Enjoy the predictability of fixed monthly payments.
- Access a lump sum at loan closing for major expenses such as home repairs, college tuition, or other large purchases.
- Simplify budgeting with fixed interest rates and fixed monthly payments.
- Interest rates can be lower than alternatives like personal loans or credit cards.
- Possible tax advantages; consult a tax adviser.
Keep Your Current Low Rate Home Loan
No Closing Costs - No Appraisal Fees
Receive your money in as little as 14 days!
How much cash could you get with a HELOC?
Use the Banzai HELOC calculator to help you estimate how much you could be approved for. But remember, this is only an estimate, give us a call for a personalized quote.
Property must be located in Forrest or Lamar Counties, MS.All home lending products are subject to credit and property approval, documentation, collateral, and other requirements. Advertised rates, program terms, and conditions are subject to change without notice. HELOCs are only for primary residences and must be a second lien on the home. Existing (outstanding) mortgage balances plus the credit limit of a HELOC cannot exceed 95% of the fair market value of your home. HELOC APR is based on the Wall Street Journal prime rate (8.50% as of 3/19/2024), plus or minus a margin. HELOC APR will never be more than 14.00% or less than 6.00%. HeLoan APR will not exceed 14.00% or be less than 6.00%. For either, your APR will be based on several factors including: credit score; credit history; loan-to-value (LTV) ratio; property type; loan amount; and lien status. Grand Bank for Savings, FSB, and its representatives do not provide tax or legal advice; please consult your tax and/or legal advisor(s) for such advice.
Important Information About Procedures for Opening a New Account or Establishing a New Customer Relationship:
The USA PATRIOT Act is a federal law that helps the government fight the funding of terrorism and money laundering activities. Federal law requires all U.S. financial institutions to obtain, verify and record information that identifies each person who opens an account or establishes a customer relationship with Grand Bank for Savings, FSB. What this means for you: When you open a bank account, we will ask you for your name, address, date of birth, and other information that will allow us to reasonably identify you. We may also ask to see your driver’s license or other identifying documents at any time.