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Many people like this type of account for unexpected expenses, rather than using a higher interest credit card. Lines of Credit give you the comfort of knowing you have cash ready when you need it. With this type of loan, you borrow against the available equity in your home, using your house as collateral for a line of credit. As you repay your outstanding balance, the amount of available credit is replenished . Use the funds as you need them and only pay interest on the portion of the credit line you use.
But when you use your home’s equity in a way that gives you a positive return for your future, you’ll maximize your investment and potentially save money as well. At Pinnacle Bank, our goal is to provide the best financial services to you and your family. You can refinance your mortgage for a higher amount (based on your home’s equity) and take out the difference in cash.
Lines of Credit
We offer a wide variety of loan options to meet your specific needs and financing requirements. It all begins by connecting with us and sharing your plans. Then we partner with you to find the perfect option. Just be sure any improvement you make using the equity in your home adds value to it. Common examples include remodeling your kitchen, installing solar panels, adding energy-efficient windows, or upgrading the exterior siding on your home.
As long as you don’t go over your limit, the money will be there to pay for whatever you need.
Calculators
It’s essential to look at your home’s equity as a way to invest in your future — not as a petty cash fund for things you want now (but really can’t afford). Typically, if you use a HELOC or cash-out refinance loan, you’ll get a lower rate than using other loans because you’re putting your home up as collateral. And because your home is the collateral for the loan, it may be at risk should something go wrong with your loan.
There are typically no closing costs and a quicker approval process when you open a HELOC. We’ve got the products and services you need to meet your savings goals. Whether it’s CDs, Money Market Accounts, Christmas Club Accounts or Health Savings Accounts. Whether you’re a first-time homebuyer or a long-time homeowner, applying for a mortgage is intimidating.
Put your home’s equity to work.
If you are using Internet Explorer, you may need to select to 'Allow Blocked Content' to view this calculator. This site is best viewed in an up-to-date web browser with JavaScript enabled. When tied to your checking account, the line of credit can save you from the fees and embarrassment of coming up short. This line of credit is secured by the equity you have in your home. Pinnacle Bank's terms, privacy and security policies do not apply to the site you're about to enter. Please review its terms, privacy and security policies to see how they apply to you.
The more your home is worth, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home. Pinnacle Bank has always been and always will be focused on personal service. Our experienced loan officers are available to answer your questions, whether they are regarding auto loans or any of our other types of loans. Pinnacle Bank puts the “personal” in personal loans.
Sometimes you need to stay flexible. Lines of credit can help.
Pinnacle Bank isn't responsible for or endorse any information provided by the website you are about to enter. Keeping your cash flow rolling along is essential for running a small business and for your own peace of mind. Pinnacle Bank has been a locally owned, community bank since 1934. We specialize in meeting our customers’ financial needs, both now and into the future. They can walk you through it and let you know quickly if it’s been approved.
A line of credit is a simple financing tool built around flexibility. Instead of giving you a lump sum of money to spend, it keeps money available for you to draw on whenever you need it. It’s perfect for projects and purchases where costs can be unpredictable.
We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. They can also help you prepare for the unexpected, including being able to take advantage of good opportunities when they come up. The figures entered on the input page of the calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are intended for illustrative purposes only and accuracy is not guaranteed by financial institution.
The equity you’ve built with your house can be put to good use. Whether you prefer a loan or a line of credit, we make qualifying easy so you’ll have the money in your hands fast. Use this calculator to determine the home equity line of credit amount you may qualify to receive. The line of credit is based on a percentage of the value of your home.
Use care in how much you invest because of the risk involved — your home is the collateral. Typically, you should invest no more than 80% of your home value for this purpose. With a loan, you’re taking out money one time and paying it back over a few years. Rather than a set amount, you’re using the equity in your home to open revolving credit. You can borrow money with this Line of Credit multiple times.
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