A Home Equity Line of Credit (HELOC) from Shore United Bank gives you the flexibility and control to manage your finances on your terms. Speak with a local lending expert or apply online to get started!
Why Choose a HELOC from Shore United Bank?
- Ongoing access to funds - Borrow only what you need, when you need it.
- Competitive Variable Interest2 Rates - Based on the Prime Rate Published in the Wall Street Journal
- Up to $2,000 in Closing Cost Credits1 - Save on upfront expenses
- Convenient Access - Withdraw via Online Banking, Mobile Banking, checks, or at any Shore United Bank branch
- Interest-Only Payment Option - Lower your payments during the draw period
- Potential Tax Benefits - Interest may be tax-deductible (consult a tax advisor)
- Fixed-Rate Conversion Available - Convert a portion of your HELOC into a fixed-rate, fixed-term loan2 for added predictability
How does a HELOC Work?
- Apply & Get Approved - Your borrowing limit is determined based on your home's equity and other financial factors
- Use Funds as Needed - Draw from your available credit line anytime during your 10-year borrowing period
- Repay & Reuse - After you repay the funds, your available credit line is replenished
- Enter the repayment phase - After the draw period, you'll make principal and interest payments over a 20-year repayment term
Smart Ways to Use Your HELOC:
- Home Renovations & Repairs
- College Tuition & Education Expenses
- Consolidating High-Interest Debt
- Major Purchases or Unexpected Events
- Dream Vacation or Special Events
Start Unlocking Your Home's Potential Today
A HELOC from Shore United Bank gives you the flexibility and control to manage your finances on your terms. Speak with a local lending expert or apply online to get started.
1 A variable rate equal to NY Prime Rate as published in the Wall Street Journal, 6.75% Annual Percentage Rate (APR) effective 12/11/25. (The maximum APR is 24%). A 10-year draw period with interest-only repayment during draw period (optional). Followed by 20-year repayment period with a minimum monthly payment equal to 0.42% of principal balance plus accrued interest or $100, whichever is greater. Available to primary and secondary residences only. Maximum LTV is 85%. Closing costs: Fees and charges generally associated with a HELOC total between $549.00 - $3,539.00. Shore United Bank will provide a closing cost credit to cover total closing costs up to $2,000.00. If your closing costs exceed $2,000 you will have the option of paying directly or from an initial draw against the line. Any third-party fees paid on your behalf will be required to be reimbursed in the event the loan is paid off and closed within 36 months of the loan date. We are happy to provide an itemized statement of fees upon request. Borrower must maintain insurance on the property securing the credit.
2Minimum Fixed Rate Conversion loan amount is $1,000. Interest rate will be determined at time of conversion and shall be a fixed rate equal to WSJ Prime + .50% for a term up to 5 years or WSJ Prime + 1.0% for a term greater than 5 years up to 10 years.
All loans are subject to credit approval, and the borrower must maintain insurance on the property securing credit.
