HELOC (Home Equity Line of Credit)

Make Your Home Work For You​

When you’re planning a home remodel, a Home Equity Line of Credit (HELOC). Use your home's equity— the difference between what you owe on your current mortgage loan and the home’s current market value —to borrow for multiple purposes including:

  • Home improvements
  • Home repair projects
  • Education expenses
  • Medical expenses
  • Debt consolidation
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Estimate your payments with our HELOC Calculator


HELOC vs Home Equity Loans & Cash-Out Refinance

While they may sound similar and are both secured by your home's equity there are some key differences between a HELOC and Home Equity Loan

  • HELOC

    • Revolving credit line
    • Adjustable interest rate
    • Perfect for repairs or small projects
    • Use funds as needed

  • Home Equity Loan

    • One-time lump-sum
    • Fixed interest rate
    • Great option for large projects like room additions or remodeling

  • Cash-Out Refinance

    • One-time lump-sum
    • Fixed interest rate
    • Great option for large projects like room additions or remodeling



Term

APR18

Term

Current Rate

APR18

7.50%
Apply For a HELOC

The Versatility of a HELOC

Go ahead, renovate your kitchen, remodel a bathroom or turn your extra garage space into a home office. Whatever you’re looking to do, one of the best ways to improve your home is a home equity line of credit. With a home equity line of credit, you can borrow against your home’s value to fund any number of improvement projects all at a low interest rate.

Looking to lock in a portion of your HELOC balance? Contact Us for more information.

  • Benefits of a HELOC

    Receive lower rates and no annual fees. A HELOC is great for shifting project plans and drawing money only when needed. This line of credit comes with a 10 year draw period. During the draw period, you will only be required to pay the interest portion. Use your draw period to plan out home improvement projects or pay expense as they arise. 

  • Lock in your rate

    Lock in a part of your borrowed balance to a fixed rate and term. This provides peace of mind knowing that balance will be paid off within a specific period, while still having the flexibility to draw on available credit as needed. Contact us today to learn more about locking in a part of your borrowed amount.

  • Four ways to access your HELOC

    There are multiple ways to access your HELOC loan for home improvement or paying other expenses. Simply write a check, use a Digital Banking transfer, utilize our phone banking system or chat with an associate at any of our branches. You can easily transfer funds to a Landmark savings, checking or money market account.

  • Reduce your rate with Prime minus 1.00%18

    Whether it’s funding your home renovation, consolidating debt or simply looking for a better rate with your HELOC, Landmark has you covered. With great rate options starting as low as Prime minus 1.0018  turn your renovation plans into action. Program available for current Landmark HELOC members, restrictions apply.24 Give us a call at 262-780-7133 to learn more or apply online for a new HELOC today. 

HELOC Process

  • number 1

    Apply

    You apply for a construction loan and get approved.
  • number 2

    Build

    We fund the loan, and your builder starts construction.

  • Fund

    Your builder accesses the loan funds as construction is completed.

  • Convert

    The loan converts to a permanent mortgage once construction is complete.

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  • Home Equity Line of Credits (HELOCs) operate on a monthly billing cycle, similar to a credit card. The minimum payment is calculated at the beginning of each cycle, and that payment is due before the next cycle begins. 

     For example, let’s say your billing period is from June 3 to July 2. The payment is cycled at end of business on July 2, with the payment due by end of business on August 1 (the next cycle is July 3 to August 2). If the payment due on August 1 is not paid before the cycle on August 2, the billing notice will show two payments due with one of them past due. This assumes no partial payments were made. 

    There are multiple ways to find out your payment amount and due date. You will receive a loan billing notice every month stating the minimum payment amount and when it is due. This will be mailed to you unless you are enrolled in eDocuments. Billing notices can be received electronically if the member has opted in for electronic statements/notices. The amount due and next due date can also be verified by viewing your account online through Digital Banking or contact us. 

  • When applying for a Home Equity Loan, please provide the following: 

    • Proof of income (pay stubs for the last 30 days, 2 years W2 or 1040s) 

    • Proof of Homeowner's Insurance (policy declaration page) 

    • If you have a first mortgage, your most recent statement 

    • A copy of your tax bill 

    Additional information may be required. 

  • A home equity loan is a term loan in which the borrower gets a one-time lump sum. The loan is repaid over a fixed term, at a fixed interest rate, with equal monthly payments. 

    A HELOC works more like a credit card. You’re given a line of credit that’s available for a set time frame, usually up to 10 years. This is called the draw period — during this time, you can withdraw money as you need it. 

    HELOCs can fall under two scenarios: 

    One with an interest-only draw period (applies when LTV is up to 80%) 

    One with a draw period where you  pay interest and principal (applies when LTV is 80.01% to 90%) 

    As you pay off the principal, your credit revolves and you can use it again. When a line of credit has expired, you enter the repayment period, which can last up to 20 years depending on your loan-to-value ratio (LTV). You’ll pay back the outstanding balance that you borrowed, as well as any interest owed. If you have questions on LTV or the scenario that your line of credit may fall under, please contact us. 

    A HELOC has a variable interest rate that is tied to the Prime Rate as published in the Wall Street Journal. As the prime rate moves up or down, so does your HELOC rate. Payments will vary depending on the interest rate and your outstanding balance.