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Home Equity Line of Credit

Put the equity in your home to work

A HELOC could be your solution to paying a big expense. Learn more to see if its right for you.

Submit a HELOC Inquiry

Pay No Origination Fee!

For a limited time, pay no origination fee1 when you open a Home Equity Line of Credit.

Use the Equity in Your Home to Your Advantage.

Our HELOC can make paying for your home improvement project, consolidating debts or paying that large, unexpected medical bill a lot easier.

  • Low rates
  • Convenient terms
  • Low closing costs

A home equity line of credit is a form of revolving credit that uses the equity in one’s home as collateral. Because a home is often a person’s most valuable asset, many homeowners use home equity lines for major expenses, such as home improvements, medical expenses, and education.

Submit a HELOC Inquiry
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What Do Our Expert Lenders Say?

Meet Our Lenders
Adam Litzinger
A Home Equity Line of Credit is a line of credit that is attached to the equity in your home. It can be used for many purposes and has flexible payment options and terms to fit everyone’s budget. Since we will place a mortgage on your home, it is possible for you to deduct the amount of interest you pay, however, I would contact your tax consultant to verify. Adam Litzinger
Brenda Elsasser
What do I spend it on? The HELOC is a line of credit on your home that you can draw from; pay it off and draw from again. You can spend this cash on whatever you want. i.e. credit card debt, remodeling, room addition, vacations, investments, and purchasing another home. Brenda Elsasser
Brenda Klubek
Having a Home Equity Line of Credit gives you access to funds if an unexpected expense arises. Brenda Klubek
Nick Cunningham
Having a HELOC is a great way to take care of those unexpected expenses that come at the worst time, or to consolidate those high interest liabilities you might have. Nick Cunningham
Dave Johnson
A home equity line of credit is a very convenient and cost effective way to come up with funds to make purchases or cover unexpected expenses. Once the credit line is in place, it can be used more than one time when the need arises. Dave Johnson

Expect more than a great rate from your HELOC.

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It's just easier when you can do all of your financial business in one place.

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Know what's going on with your money.

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We live and work in the same communities that you do. That means we care when you come in with questions.

Documents we might need from you include:

  • Paycheck stubs for most recent 30-day period
  • All W-2's received for the past two tax years
  • Federal Income Tax returns for the past two tax years, including all pages and schedules (include business returns, if applicable)
  • For any liquid assets (checking, savings, CD's, money markets, mutual funds, retirement, stocks, bonds, etc.), account statements for most recent two month period
  • If purchasing, signed purchase contract, including any amendments, addendums, etc
  • Copy of previous appraisal report (if available)
  • Cost estimates for proposed home improvements (Home Improvement Loans Only)

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Frequently Asked Questions

What is a HELOC?

A bank may refer to this line as a HELOC (pronounced Hee-lock) which stands for Home Equity Line Of Credit.

What type of property can I use to finance my HELOC?

We can help you get a line of credit using your primary residence as collateral.

Do I have to live in the residence?

Yes, Central National Bank requires the collateral to be owner-occupied.

How do I find out the value of my home?

You may check value using the County’s appraised value given for tax purposes or give your best guess to your home’s value. Central National Bank will order an evaluation to determine the value.

May I be self-employed?

Yes, the bank will need the last 2 years of your tax returns.

What financial documentation do you need from me?

At a minimum, the bank will need W-2s for each borrower, for the last 2 years and the most recent pay stub for each borrower.

Is the interest on the HELOC tax deductible?

It may be, but you should check with your tax advisor to verify whether that is an option for you.

What if my credit score isn't perfect? Can I still get the loan?

A high credit score may get you a better rate, but will not necessarily get you a loan. Other factors are taken into consideration, so check with a lender near you to determine whether a HELOC will be an option for you.

1 Loan subject to credit approval and program guidelines. No Origination Fee will be assessed when financing is obtained prior to 5/31/2024. Total closing costs generally range from $300 - $1500. For example a 70% LTV that has an annual percentage rate of 7.24% (accurate as of 3/4/2024) will have monthly payments of 1% of the outstanding balance during the 60 month draw period, followed by 60 months of fixed amortized payments. You must carry property (hazard) insurance on the property that secures this line, and flood insurance (where required). Other terms and rates available subject to credit score and LTV.

How can we help?

Let us know the best way to reach you and one of our customer representatives will be in touch.

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