Home Equity Loans & Lines

As a homeowner, you have a powerful financial tool at your fingertips. A tool that can help you realize your dreams today, instead of years down the road. It's your home's equity .

Horizon Bank is your One Stop Shop when it comes to home equity loans from a term loan to a line of credit, we have options to best suit your needs.

Home Equity Loan

Streamline your budget with a predetermined monthly payment that is provided by our fixed rate, fixed term plan. Borrow up to 89% of the available home equity and choose the term of the loan that best meets your needs. Then, make a set payment, at a set rate of interest each month for the entire term of the loan.

Home Equity Line of Credit (HELOC)

For long-term flexibility in borrowing and repayment, check out a HELOC. A HELOC is a Home Equity Line of Credit.  It is a form of revolving credit in which your home serves as collateral.  With a HELOC, you will have a book of checks to use for easy account access. Whether working little by little on home improvements, buying a new car, consolidating debts or paying college tuition bills, you can choose when and how much to borrow on the line of credit. A HELOC gives flexibility to repay the principle whenever it's best for you. A line of credit allows you to determine the monthly payment amount, from the minimum interest charge only - up to the entire balance on the line.  The balance fluctuates by what is borrowed and repaid.

HELOC with the option to Lock-in a Fixed Rate and Term

Keep the flexibility offered by a HELOC, without loosing the ability to lock in your rate with the lock option offered on our HELOC product.  It's a great way to manage your borrowing needs.  Here's how it works.  Open your HELOC, then at any time, you can take a portion, or all of your outstanding balance and lock in a fixed repayment term and interest rate.  For example, say you have a $50,000 home equity line of credit and want to borrow $25,000 to purchase a new car.  No problem, you can use the money available on your line, lock in your car loan with a fixed rate and term, and still have access to the remaining $25,000 left on your line of credit.  As you pay down your car loan, the funds become available to you on your line of credit - giving you complete control of your borrowing needs without having to re-apply for a new loan. 

Interest Only, Fixed-Rate Home Loan

If you are looking to borrow money at a competitive interest rate with added payment flexibility and increased cash flow, this may be the option for you.  This loan allows you to save money with interest-only payments for the first 5 years while also saving time with auto-draft of monthly payments.  Here's an example: Maximum interest-only payments for a period of 60 months, then the loan converts to a principal and interest (P+I) loan amortization, with a maximum term of 180 months. Example: On a $30,000 loan for 180 months, for the first 60 months payments are auto-drafted as interest only. After the first 60 months, payments are P+I to fully amortize the loan in the remaining 180 months. The rate is fixed for the entire loan term.