Page 4 - Mortgage Brochure
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How does a HELOC work?
A home equity line of credit (HELOC) lets you gain access to your home’s equity through the convenience of a line of credit. The equity in your home is calculated based on the value of your home less any outstanding mortgages. Draw on your line of credit only when you need it and pay down or pay off your line when convenient. You only pay interest on your outstanding balance. You can get an advance using CPM Anytime Online Banking, calling our Contact Center at 800-255-1513 or by visiting
Home Equity Lines of credit are attractive to borrowers for several reasons:
• Extended, flexible repayment terms
• Lower interest rates
• Easy Access
• May be tax deductible

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