Understanding Home Equity Loans and Lines of Credit (California Only)

Home equity loans and lines of credit are secured by the equity in your home, and are considered attractive because the interest paid may be tax deductible. Star One offers equity loans in two forms; the Home Equity Line of Credit (HELOC) and the Home Equity Loan. 

Home Equity Line of Credit (California primary residence only)    

HELOCs allow you to obtain multiple advances of the loan proceeds at your discretion, up to a specified percentage of the equity in your home.

• Revolving - withdraw funds as needed
• 10 year maximum draw period, 15 year repayment period
• No loan or annual maintenance fees (closing costs apply above $250,000)
• Adjustable rate (adjusts quarterly)
• Interest only payment option available
• Early Closure Fee of $500 for Lines closed within 2 years

Home Equity Loan (owner occupied only)

Home Equity Loans allow you to borrow, in a lump sum, up to a specified percentage of the equity in your home.

• Second Trust Deed loan
• 15 year maximum term
• No loan or annual maintenance fees (closing costs apply above $500,000)
• Fixed and adjustable rates (adjusts annually)

Visit our Home Loan Site for information on the home buying process, helpful checklists, tips, our loan programs and rates.

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