Fifth District Equity Line
Equity Line is Fifth District's innovative Home Equity Line of Credit, which combines the convenience of a checking account with the low interest rates and tax advantages of a Home Equity Loan.
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Call 504-363-6505 for current rates.
How can I use my Equity Line?
The Equity Line provides you with pre-approved purchasing power anytime you need it, anywhere you can write a check. Consider using the Equity Line to pay for home improvements, tuition expenses, a new car or boat, a vacation or for any other purpose.
How much can I borrow?
Subject to credit approval, the amount of Equity Line you qualify for is determined by multiplying the current market value of your home by 70% and subtracting the current balances of all other mortgages. The minimum Equity Line is $10,000.
What are the terms?
The interest rate on the Equity Line has a variable rate feature that may adjust monthly.
Once approved, you can use your Equity Line for 10 years (Draw Period). To access your Equity Line just write a check. Your Equity Line is available 24 hours a day, 7 days a week, wherever or whenever you need it.
During the Draw Period, only minimal monthly payments are required. There is no pre-payment penalty so the more you repay, the more you rebuild your borrowing power. Once the Draw Period ends, you will have 15 years to repay the Equity Line.
What costs will I be expected to pay?
For the typical Equity Line, there are no annual fees and no pre-payment penalties. You pay only a one-time charge to get your Equity Line started.
*Residents of Orleans Parish may be assessed a Documentary Tax (if applicable).
What tax advantages are associated with the Equity Line?
Interest paid on home mortgage loans is one of the last remaining tax deductions for the home-owner. All or some of the interest you pay on your Equity Line may be tax deductible. It is best to consult with your tax advisor to determine your particular benefits.