A home equity line of credit (HELOC) gives you the flexibility to borrow only what you need, when you need it. No interest payments are paid for money that is not used. The variable interest rate is based on the prime interest rate posted in the Wall Street Journal.

Your rate will depend on credit limit, credit qualifications, and loan-to-value (LTV) ratio.

• Credit line up to $250,000
• $25,000 minimum credit line amount. $10,000 minimum draw required at closing.
• Access funds by check, credit card, or transfer to your Ohio Catholic checking account
• 10-Year draw period
• Repayment period up to 240 months (20 years); an additional 10 years beyond the 10-year draw period
• Up to 100% loan-to-value (LTV) ratio
• No transaction fees
• No prepayment penalty and no early termination penalties if HELOC is kept open for two years or more