Home Equity Line of Credit

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that provides you with a revolving line of credit. This credit may be used for large expenses or paying off higher-interest rate debt such as credit cards and other loans. HELOC’s provide increased financial flexibility for our customers by providing access to the funds they need, when they need them.

How Does A HELOC Work?

With a HELOC, you’re borrowing against the available equity that you have built up in your home which is used as collateral for the line of credit. As you repay your outstanding borrowed balance, the amount of available credit is replenished similar to a credit card. This means you can borrow or draw against your line of credit throughout your advance period up to the credit limit you establish at closing.

HELOC Details

  • 4.99% Annual Discounted Introductory Rate for the first 12 Months 1
  • 1.25% over the Prime Rate beginning the 13th Month 1
  • 15-Year Maturity Comprised of 12 years of advances and a 3-year Repayment Period 3
  • Maximum Loan to Value up to 95%
  • No Closing Costs 2
  • No Out of Pocket Expenses 2
  • Monthly Payments Required Only When Line of Credit is Advanced 2

Applying for a HELOC is a Breeze!

Step 1 – Reach out to one of our lending professionals below and let them know you would like to learn more:

Teana Hundley

Karen DePriest

Step 2 -Our lending professionals will guide you through your options and start your application process.

Step 3 – Enjoy the benefits or our In-House HELOC management, ensuring faster processing times and highly individualized personal service.

Take the first step towards accomplishing your dreams by leveraging your homes equity with a Citizens Federal Savings Bank Home Equity Line of Credit!

Disclosures: 

  1. Limited time offer. Subject to credit approval and available on new lines of credit only. Discounted introductory adjustable rate of 4.99% Annual Percentage Rate (APR). HELOC Maximum Loan-to-Value up to 95%. The initial rate is fixed for 12 months following account opening date. After the first 12-month introductory period, the rate will adjust monthly at 1.25% over the prevailing Prime Rate as published in the Wall Street Journal (the “Index”), currently 8.00% + 1.25% = 9.25%. The APR may change monthly but will not be lower than 5.00% nor exceed 18.oo%. HELOC Maturity date is 15 years consisting of 12 years of advancement and a 3-year repayment period. Insurance must be carried on the property securing this loan.
  2. Minimum Payment: Borrower’s Regular Payment for the first payment stream (144 Months) will be based on 1.250% of the outstanding balance, including principal and unpaid interest, or $25.00 whichever is greater and include any amount past due and all other charges. Borrower’s payments are due monthly. After completion of the first payment stream, Borrower’s Minimum Regular Payment (36 – Second payment stream) will be based on All Balances plus any past due amount and all other charges or $25.00 whichever is greater. Borrower’s payments will be due monthly. Second payment stream adds a margin to the value of the “index” then divides by 12 (monthly). To obtain the Annual Percentage Rate, lender multiplies the Periodic Rate by 12 (monthly) resulting in the Annual Percentage Rate for the Borrower’s second payment stream. Annual Percentage Rate includes only interest and no other costs. Additional fees may apply.
  3. Nearing the end of draw period on your home equity line of credit?
    Understand your options and get the guidance you need before reaching this important transition point.
    What is the home equity line of credit end of draw period?
    The HELOC end of draw period is when you enter the repayment phase of your line of credit. You are now required to begin paying back the principal balance in addition to paying interest. At this point you may no longer access funds, and you may no longer convert a variable rate to a fixed rate.
    What should I expect at the HELOC end of draw period?
    Your monthly payment may increase substantially as you move from paying interest only to paying principal plus interest. The amount of increase depends on your principal due, interest rate and your repayment period, which is usually 3 years. Contact a loan officer banker at (913) 727-1040 to discuss the monthly payment on your HELOC.
    What can I do to reduce my monthly payment at the end of draw period?
    • Apply for a new HELOC or a home equity loan.
    • Make additional principal payments above your required monthly payment. You may contact us via the web address https://www.citizensfsb.bank/contact-us/ or you may also visit a branch.
    • Pay off your balance. Visit our Loan Servicing Department located at 5151 S. 4th Street, Leavenworth, KS to get a payoff quote and pay your balance in full while you’re there. Or, call 800-298-5570 and ask for our Loan Servicing Department for a payoff quote and then pay online or by mail. If you pay by mail, send your check to:
    Citizens Federal Savings Bank
    Loan Servicing Department
    5151 S. 4th Street
    Leavenworth, KS 66048