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Interest-Only Revolving Line of Credit

Interest-Only Revolving Line of Credit

An interest-only Home Equity Line of Credit allows you to pay only the interest on the money you borrowed for the first 10 years of the loan (the draw period). During the draw period, payments will be due monthly. Your minimum payment will equal the Finance Charges that accrued on the outstanding balance, plus other charges as reflected on the statement.

The requirements for a Home Equity Loan or Line of Credit from Capital Bank include the following:

  • Only individuals are eligible to apply for home equity products.
  • Only home equity products secured by either a first or second lien on a one-to-four family owner-occupied primary residence or second home will be placed in the home equity portfolio.
  • All home equity products will require a signed application. A credit report is required on all individuals signing the credit application.

For current interest rates, contact our Real Estate Lending Department at 607-737-3815 or 800-836-3711.