Home Equity Loans
A home equity loan may be an excellent way to utilize the equity in your home for a variety of reasons. It may be utilized to finance:
- Educational Expenses
- Major purchases such as a boat, car, second home, or once in a lifetime vacation
- Unexpected major medical expenses
- Consolidate high finance charge debts into a lower interest rate loan.
Our Loan Consultant can find the home equity loan that's right for you and give you quotes on current interest rates and closing costs. Or select the specific home equity loan program that interests you to learn more about our various loan programs.
Home Equity Line of Credit (HELOC) Introductory Rates are not based on the index and margin used to make later rate adjustments. You will receive the Introductory Rate for 12 months. This rate will adjust on the 1st day of the calendar quarter following the initial 12 month Introductory Period. The rate will continue to adjust quarterly until it reaches Blaze's current index plus margin rate as described on Blaze's Mortgage Rates page.
The HELOC is a variable rate product and the Annual Percentage Rate (APR) and payment may change. The rate may adjust on the 1st day of each quarter based on an index plus margin and then rounded to the nearest 0.125%. The rate cannot increase or decrease by more than 0.5% per adjustment. The maximum APR is 14%. The APR does not include costs other than interest. 10 Year Draw Period: Payment will be 1.25% of any outstanding balance as of the last day of the billing cycle or $50, whichever is greater. 5 Year Repayment Period: During the Repayment Period, payments will be due monthly. Your minimum monthly payment will equal the balance that was outstanding at the end of the Draw Period fully amortized over 60 months, but will never be less than $50.00 or the full amount due. Loan approval is based on creditworthiness.
