Home Equity Line of Credit
All that hard work as a homeowner is about to pay off
You've paid down the mortgage, kept up with repairs and made some improvements. Now your home's market value is a good bit higher than what you owe on your loan. That means you have equity. And you can use it as collateral to obtain a low-cost line of credit that you can use to add a few rooms, buy new furnishings, cover college costs, consolidate debt or cross off anything else on your to-do list.
- Borrow from your credit line with the flexibility to repay what you owe
- Carter Bank pays all closing costs on lines of credit below $250,0001
- Rate discounts available if you schedule automatic payments from Carter Bank accounts
- Interest on your home equity account may be 100% tax-deductible2
FAQs
A HELOC is a revolving line of credit secured by your home’s equity, allowing flexible borrowing and interest-only payments during the draw period.
Typically, borrowers need sufficient equity — often up to about 80% loan-to-value — along with qualifying income, credit score, and home appraisal.
Yes, common use cases include debt consolidation, home remodeling, or emergencies, thanks to the flexible draw structure.
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All loans are subject to credit approval.
1 In the event that the Home Equity Line of Credit is closed within 36 months of origination, borrower will be required to reimburse lender for any closing costs paid by lender. Property and Hazard insurance may still be required.
2Consult your tax advisor about the deductibility of interest.
Carter Bank is a full-service financial institution with locations throughout Virginia and North Carolina.