You work hard for your home. It’s time to let your home work hard for you for a change.
With a HELOC from Logan Bank and Trust, you’ll enjoy the spending power you need without having to apply for a loan each time you need money.
All Logan Bank HELOCs come with:
Experience the Spending Power of a HELOC
Get StartedDid you know your home has untapped potential?
As one of the top Home Equity Line of Credit (HELOC) lenders in Logan, WV, we make it easy to tap into your home’s equity so you can finance all your big plans.
Want to learn more about what HELOCs are?
View FAQsWant to learn more about what HELOCs are?
Father and son walking after playing a game of basketball. Young man and teenage boy having fun, talking and chatting while staying fit, activeBenefits
- Flexible spending
- 10-year withdrawal period
- 10-year repayment period
- Borrow up to 75% of your home’s appraised value
- More affordable than high-rate credit cards
- Versatile – use for a wide variety of expenses
Uses
When you hear the name Home Equity Line of Credit, it’s understandable to think it can only be used for your home.
In reality, HELOCs have many uses in and out of the home.
Use your home’s equity to fund:
- Home improvements (including repairs, renovations and additions)
- Garages
- Barns
- Swimming pools
- Debt consolidation
- Big-ticket purchases
- Medical expenses
- Emergency funds
- Vacations
- New business ventures
Young beautiful woman traveling by car in the mountains using smartphone at sunsetInterested?
View our best HELOC rates and fill out a Logan Bank HELOC application.
Happy single father having fun while dancing with his small daughter after moving into a new apartment. Copy space.Frequently Asked Questions
Equity is the difference between the value of your home and the remaining unpaid principal balance of your mortgage. For example, a home worth $250,000 with a principal balance of $100,000 remaining has $150,000 in equity.
HELOC stands for Home Equity Line of Credit. Simply put, a HELOC is a revolving line of credit against the equity you have built up in your home. Like the available balance on your credit card, you can use the full amount of your HELOC or borrow against it in smaller increments, and you will pay interest only on the amount you borrow.
HELOCs give you access to a revolving line of credit. You can choose to borrow all the money at once or in smaller increments.
For example, if you’re approved for a $50,000 Home Equity Line of Credit but only borrow $15,000 right now, you are only charged interest on the $15,000.
Once you have repaid the amount borrowed, your credit line is fully renewed and available for borrowing again. A HELOC from Logan Bank and Trust features a 10-year draw period followed by a 10-year repayment period.
A Home Equity Loan is a one-time loan for a fixed dollar amount, at a fixed interest rate, with a fixed term of repayment.
This type of loan has a predetermined monthly repayment amount and a repayment schedule up to 15 years.
Home Equity Loans are great for specific, one-time purchases like a new car or a home remodeling project.
A HELOC is a variable-rate loan that can be drawn down, either all at once or at different times, also called a revolving line of credit. You can borrow up to the credit line maximum, but you’ll only pay interest on the funds you use.
HELOCs from Logan Bank and Trust have a 10-year withdrawal period and a 10-year repayment period.
If you repay the amount borrowed during the withdrawal period, your credit line is fully renewed and available for borrowing again – no additional applications required – hence the term revolving line of credit.
HELOCs are a smart way to pay for recurring expenses like college tuition.