Home Equity Line of Credit

A Home Equity Line of Credit, or "HELOC", is a line of credit backed by the equity in your home. HELOC's differ from Home Equity Loans in that a sum isn't advanced to you all at once; instead, the line of credit can be used over time so long as it doesn't exceed the credit limit - similar to a credit card. The required monthly payment varies based on the amount of credit used.


HELOCs are generally used for home improvements, student loans, medical bills, or for covering unexpected bills or debt.

Backed by Home Equity Entire Sum Advanced at Once Partial Sum Advanced On Demand Variable Monthly Payment
Home Equity Loan or
Second Mortgage
Green (Yes) Checkmark Green (Yes) Checkmark Red (No) X Red (No) X
Home Equity Line of Credit Green (Yes) Checkmark Red (No) X Green (Yes) Checkmark Green (Yes) Checkmark

Current Rates

as of November 14, 2022
Home Equity Line of Credit
Loan Amount Period APR
As low as 6.65%

*Annual Percentage Rates ("APR") are variable based on the applicant's current credit score. APRs are subject to change without notice. Maximum 21% APR over life of a loan. Interest may be tax deductible (consult your tax advisor regarding the deductibility of interest). Minimum $5,000 loan application when Luana Savings Bank is not the first lien holder on the current mortgage. Insurance must be carried on the property that secures the line of credit. Annual fee: $15.00.