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With a Lake City Bank Home Equity Line of Credit, you can use the equity in your home for improvements, debt consolidation, major purchases, college tuition, and whatever need you have.
With competitive rates, low minimum monthly payments, and lines up to 100% of your home's value, we have a variety of home equity options to meet your borrowing requirements.
- Anyone who owns their own home may apply
- A primary residence, condominium or second residence can qualify (mobile homes do not qualify)
- No closing costs or prepayment penalty
- Money borrowed can be used for any legal purpose—home improvement, vehicle purchase, education or debt consolidation
- Borrow as much or as little of the line as you like
- Pay interest only on what you borrow
Of course, the above features are common to almost all home equity lines, but Lake City Bank offers much more...
Lock-in Current Interest Rate
Home equity lines usually offer a variable rate. With the Home Equity Line of Credit at Lake City Bank, you can lock in the current rate on all or a portion of your current principal. Here’s how it works:
It’s almost like splitting one loan into two, three or four different loans. One loan (your original line of credit) has a variable interest rate; the other loans have a fixed interest rate.
Say you have a $25,000 limit on your Lake City Bank Home Equity Line of Credit and your current balance is $10,000. You lock-in the current interest rate on that $10,000 principal. The remaining $15,000 of the Home Equity Line is still available to be borrowed at the normal variable interest rate. Borrow $3,000 from that $15,000 at the variable rate, and you still can borrow up to $12,000 more.
This is only one example. The specific amounts will depend on your situation and your preference. The minimum principal balance required to fix the rate on a portion of the principal is $5,000 (accumulative maximum of $200,000). You can do that up to three times, for a total of:
- Three parts of principal, each at its own fixed rate, plus
- One part of the principal with a variable rate
There is an additional fee to lock in a rate.
Add Tax Advantage to Another Loan
Many people use a Home Equity Line of Credit to purchase a car, boat or RV. However, a purchase that large can eat up your entire line of credit with one purchase. Lake City Bank offers a different alternative.
With a Home Equity Line of Credit, you can add a Lake City Bank car, boat or RV loan to your Home Equity Line of Credit. It does not reduce your credit line amount, and the interest you pay may be tax deductible!** You can do the same with a Lake City Bank VISAŽ card, so your credit card interest may be tax deductible.** Consult your tax advisor concerning deductibility of interest.
Applications
Bank Service Fees (English)
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Financial Calculators
E-mail
*Subject to credit approval.
**Consult your tax advisor concerning deductibility of interest.
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