Ask A Lender: What Is A HELOC?

We introduced a new HELOC special earlier this week and it occurred to us that while bankers like to talk in abbreviations, everyone may not know about a HELOC and what it means. So we asked Cassie Stout to help us out and explain a HELOC. Cassie is the Manager of the Ross County Banking Center on E. Main Street in Chillicothe. As a Retail Banker, she is able to address all of a customer’s needs including help with loans and deposits. She has been with us since 2006 and is a popular fixture at our Ross Main Office.

Cassie Stout

Cassie Stout

Here’s what she had to say:

What is a HELOC?
HELOC stands for Home Equity Line of Credit and is a way to turn the equity in your home into cash.

Why would someone want or need a HELOC?
HELOCs are great for home improvement projects like kitchen and bath renovations, a new garage, or really any upgrade. A HELOC is also good to have if you need cash out for debt consolidation or to fund big life expenses like college or special occasions.

What are the costs related to a HELOC at VCNB?
We offer HELOCs with little to no upfront (closing) costs, and also waive the annual fee for the first year! After that, the annual fee is just $50*.

Why should someone apply for a HELOC at VCNB?
VCNB HELOCs are a great deal for many reasons. The application process is easy, plus we have great rates and low fees.

What do you wish customers knew about a HELOC that they don’t think to ask?
When you open a HELOC with us, you get great payment flexibility for a full fifteen years. That means you can pay just your interest or pay off more at any time. This is a good setup for my borrowers because they can use their HELOC for their initial purpose (like home renovations), but can then have the security of an available credit line for many years to come.

Learn about our current special at our website!

*A Home Equity Line of Credit in an amount over 100,000 will require title insurance and survey fees to be paid.

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