Review these questions and answers to gain a better understanding of how a home equity line of credit works and how it can be beneficial for you.


Q: What can I use my Home Equity Line of Credit for?

A: Home equity funds can be used for anything.


Q: What are your current rates?

A: Contact a loan officer for applicable rates. Our rates are based on the amount of the credit line as established at loan closing.


Q: How long will my Home Equity Line be available to me?

A: The line of credit would be available to you for 10 years for variable rate lines of credit. We also offer a fixed rate HELOC option that would be available for 5 years.


Q: How can I access my Home Equity Line?

A: Home Equity funds can be accessed several ways:

    1. You can order a book of checks which are directly linked to the home equity account. Use these checks to make purchases or payments.
    2. You can request a withdrawal or funds transfer either in person, by phone or by mail.
    3. You can also transfer funds from your HELOC to other CNB deposit accounts using Online Banking. You can then access the funds, from your personal checking account for example, using checks and debit cards.


Q: How are minimum monthly payments determined?

A: Minimum monthly payments are calculated at 1.5% of the outstanding principal.

Example: If a customer has a balance of $35,000 on the final day of the billing cycle then:
$35,000 x .015 = $525 minimum monthly payment.


Q: What is required to apply for a Home Equity Line of Credit?

A: We normally collect the same information as on a regular mortgage. Click here for a list of what you'll need to bring to your application meeting.


Q: Can I apply online for a Home Equity Line of Credit?

A: Yes! Our online loan application is a great way to get the HELOC application process started. Click here to apply online.


Q: Are documentation fees the same thing as closing costs?

A: Yes, you will note in our disclosure language the mention of documentation fees. This is just another term that also means closing costs. All documentation fees (closing costs) are waived if you open a HELOC at the time of a first mortgage closing.


Q: Will I need a property appraisal?

A: Depending on the size of the line requested and the age of the previous appraisal a new appraisal could be necessary. Customers with no current mortgage with the bank would always require a new appraisal. All requests would need an updated title search.

Home Equity Line of Credit

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