Home Equity Line of Credit
Calculate the equity in your home
Have more questions?
Use our calculators to find answers
Borrow as little as $5,000 or
as much as $5 million
Select your credit score to find the variable rate for your HELOC.
Get your free credit score by signing in to your Ocean personal
online banking account.
- 700
- 680-699
- 660-679
HELOC, short for Home Equity Line of Credit, is a revolving line of credit based on the equity in your home and secured by your home. You can borrow as much money as you need, whenever you need it, up to the preset limit for the first 10 years.
As you repay advances, you can draw on the line as many times as you need, up to the preset amount. You only need to pay interest during the initial draw period, which means, lower monthly payments at the start. Plus, interest payments may be tax deductible.³
The amount you can borrow is based on the amount of equity you have in your home. You may qualify to borrow up to 80% of the equity in your home.
You can transfer funds from your HELOC to your Ocean Bank account online or in the mobile app.
To get an estimate of how much equity you have in your home, subtract the balance of your current home loan from the estimated current value of your property.
You can use the advance from a HELOC for anything you want, from renovating your home to paying down debt or paying for the costs of education.
Manage your HELOC
in Online Banking or the mobile app
Applicant must have an Ocean Bank personal checking, savings or money market account prior to closing. HELOCs are available to U.S Citizens and U.S. Residents. Additional conditions may apply. Subject to credit approval.
1 Closing costs may apply.
For new HELOCs: No closing costs for lines up to $250,000. There is an appraisal fee for all HELOCs. If the loan closes, borrower will receive a credit at closing for the cost of the appraisal. If the loan does not close and the appraisal fee was collected after three business days of delivering the early disclosures in person or six business days by mail, the appraisal fee is non-refundable. For lines above $250,000 there are closing costs that must be paid by the borrower. A credit will be applied to the closing costs based on the average costs of a $250,000 line that would be incurred, excluding appraisal costs and title insurance, which are paid by the borrower. Hazard and Windstorm insurance required. Flood insurance may be required. Third party costs and fees range between $650 and $8,000. Other fees may apply. For all HELOCs paid-off and closed within 36 months of opening date, the borrower will be required to reimburse the Bank for the closing costs that were paid on their behalf. Other conditions may apply.
2 Wall Street Journal (WSJ) Prime Rate is 5.50% APR as of July 28, 2022. Annual Percentage Rate (APR) may vary. The maximum APR that can apply is 17.60%.
3Talk with your tax advisor regarding the deductibility of interest.
4Loan to Value Ratio (LTV) looks at loan amount compared to the appraised value of the property. To calculate: Loan amount ÷ appraised value of the property = LTV
5Minimum Advance fee of $5 if advance is less than $300.
6Debt-to-Income Ratio (DTI) looks at your income compared to your expenses. To calculate: Add the amount of your total monthly debt obligations, including mortgage payment, auto loans and leases, credit card payments, student loans and other commitments. Divide the total by your monthly income, before taxes. Multiply the result by 100 to get the percentage.