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Home equity rates are at their lowest in years. And this down-rate environment comes at a welcome time since the economy has urged many people to reevaluate their financial plans. Many folks are choosing to remodel instead of move. Others are making financial headway by tackling debt. Still others are adding degrees and certifications to enhance their career prospects. Does this describe you too? Then a home equity line of credit might just be the tool you need to make some life improvements.
Home Equity Lines of Credit
- Introductory rates as low as 4.49% APR*
- Non-introductory rates as low as 5.00% APR*
- Intro rate fixed for six months
- Available for a limited-time
- Personal checking account required
- Receive an entry in our Smart Car Giveaway
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| Home equity for life improvement |
Your home, rejuvenated
Use your home equity to remodel and make your house a home.
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During 2007, Vancouver/Portland-metro area homeowners were able to recoup more than 100 percent of the costs
of deck additions, minor kitchen remodels, fiber-cement siding replacements and wood window replacements.
Will your project pay off if you sell? Find out from Remodeling Magazine's annual Cost vs. Value Report.
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You, to a new degree
Use your home equity to fund an education and boost a career
- yours or your child's.
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On average adults with a bachelor's degree earn over $20,000 a year more than those with only a high school diploma, according
to 2006 Census data.
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The U.S. Department of Commerce also estimates that on average individuals who have a
bachelor's degree earn $2.1 million over
a work-life; master's
degree holders attain $2.5 million; professional
degree holders $4.4 million.
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Your finances, remodeled
Use your home equity to fix up your finances. Consolidate debt and work to pay it off.
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Say a member consolidates $20,000 of credit card debt to a home equity line of credit and
pays it off in 60 months. She could save $7,502, including $661 in income tax.¹ Use our debt consolidation calculator to determine how much
you could save.
- In most instances, homeowners can deduct interest charges on up to $100,000 of a home equity loan or line of credit. We suggest consulting with your tax advisor for your individual deductibility status
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*APR=Annual Percentage Rate. Rates accurate as of 7/1/08. Available for new HELOCs applied for on or after 7/1/08 and may be discontinued at any time without prior notice. Columbia personal checking required. Intro rate fixed for first 6 mos., and varies by loan-to-value (LTV) and credit quality. LTV up to and including 80%, 4.49%APR for qualified applicants; LTV up to and including 90%, 5.49% APR for qualified applicants. Requires initial draw of $20,000 or more. Existing Columbia HELOCs can qualify for an applicable fixed introductory rate with a single advance of $20,000 or more on existing line, and approved credit quality. Must initiate advance with a Columbia representative in branch, or by calling 360.891.4000. Non-intro rates are variable. Index used is Prime: the Wall Street Prime Rate as quoted on the 10th day before the end of the preceding quarter. Rates may change quarterly. Non-intro rates are Prime for up to and including 80% LTV, currently 5.00% APR; Prime plus 1% for up to and including 90% LTV, currently 6.0% APR; and Prime plus 2% for up to and including 100% LTV, currently 7.00% APR. Maximum lifetime APR 15%. Annual fee $25 and waived the 1st year. Pre-pmt. penalty of $300 if loan paid off and closed prior to 3 years from origination. Typically, fees may range from $90 to $1,050, of which up to $300 is waived by Columbia (excluding appraisal fees). Equity lines and loans subject to application and credit approval. Membership required to borrow. Consult a tax advisor regarding your deductibility status
¹Assumes $20,000 in credit card debt at 17.50% APR, member in 25% tax bracket, and a HELOC rate of 5.00%APR that remained constant for the duration of the loan. Your individual situation, rates, and deductibility status may vary. |
