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Home Equity Line of Credit (HELOC)

With a no-closing-cost home equity line of credit (HELOC) in Pennsylvania with FNCB Bank, you can tap into the equity you have built up in your home to meet a wide range of financial needs. FNCB Bank also carries a “carve-out” option to turn part of your HELOC balance into a fixed-rate loan for consistent monthly payments! FNCB Bank offers HELOCs in Pennsylvania, New York, and New Jersey. Apply online now or visit one of our 16 convenient branches across Northeastern Pennsylvania!

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Home Equity Line of Credit (HELOCs) in Northeast Pennsylvania from FNCB Bank

The FNCB Home Equity Line of Credit with Carve Out combines the convenience of a variable rate home equity line of credit (HELOC) with a "carve-out" option that allows you to lock in up to three simultaneous fixed rate loans without having to reapply — and NO CLOSING COSTS! Simply draw the amount you need, whenever you need it, and for whatever you need it.

Are you interested in applying for our low-rate, fast-approval HELOC loan? Visit us at one of our branches in Northeast PA or give us a call today at 1-877-879-3622.

HELOC Rates at FNCB Bank

For more information on FNCB Bank’s home equity line of credit rates, please visit our Rate Center. Rates are subject to change. Experience the benefits of HELOC loans at FNCB Bank, like NO closing costs and carve-out options!

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Product

Key Features

Home Equity Lines of Credit from FNCB Bank

Home Equity Line of Credit (HELOC) with Carve Out

 

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A home equity line of credit that gives you the flexibility of a variable and fixed rate loan. It's your choice.

No-Closing-Cost Home Equity Line of Credit (HELOC)

The FNCB No-Closing-Cost Home Equity Line of Credit with Carve Out combines the convenience of a variable rate home equity line of credit (HELOC) with a "carve-out" option that allows you to lock in up to three simultaneous fixed rate loans without having to reapply. Simply draw the amount you need, whenever you need it, and for whatever you need it.

Loan Features

  • No Closing Costs.1
  • Quick application and decision process.
  • 10-year draw period followed by a 15-year repayment period on the variable portion.
  • Carve out up to three simultaneous fixed-rate loans.2
  • Borrow up to 89% of the equity in your home.
  • Interest-only billing during the draw period.
  • No annual fee.

Carve-Out Option

Our Home Equity Line of Credit Carve-Out option allows you to convert a portion of your outstanding HELOC balance to a fixed-rate loan! For example, if you need money to buy a car, simply "carve out" the amount you need giving you predictable monthly payments and no worries about fluctuating interest rates!

  • $10,000 minimum carve-out loan amount.
  • Flexible terms.
  • As you repay the fixed-rate loan, your available HELOC balance is once again available to borrow.
  • $50 carve-out fee.

Visit any FNCB Community Office or call 1-877-879-3622 to learn more!

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1No closing cost offer waives credit report fee, property report fee, flood determination fee, property evaluation fee, including an automated valuation model report and/or drive by appraisal, tax monitoring fee and Pennsylvania mortgage recording fees. Borrower(s) will be responsible for the cost of a full appraisal if requested, and any additional fees for properties located outside of Pennsylvania. FNCB’s waiver of closing costs is contingent upon the loan remaining open for at least thirty-six (36) months. If the loan is paid off and closed at thirty-six (36) months or sooner, the borrower agrees to repay FNCB all third-party closing costs which can be up to $5,000, depending on property location. Annual percentage rate (APR) of 8.00% is based on the Wall Street Journal National Prime Rate minus 0.50%. Maximum APR will not exceed 18%. Available on 1-4 family owner occupied primary residence and vacation homes with a minimum line amount of $10,000. Line amount may not exceed 89% of the value of the property. Property insurance is required; flood insurance may be required if applicable. Specific underwriting criteria must be met. All loans are subject to credit approval. Additional terms are available, but fees may apply. Loan terms are subject to change without notice. Consult a tax advisor regarding the deductibility of interest.

2Carve Out Option: During the 10-year draw period, borrower may convert a portion of the outstanding balance to a fixed rate loan up to three times at shorter time periods. Minimum converted amount is $10,000 per carve out. There is a $50 fee for each carve out. When principal payments are made on the variable or fixed rate portions, the available line of credit will increase up to the maximum amount of the original line. Minimum term for a carve out loan is 12 months. Maximum carve-out term is 180 months. Fixed rate is determined by the Wall Street Journal prime rate at time of carve out plus the following premium rates: 12-36 months: 0.25%, 61-120 months: 0.50%, 121-180 months: 0.75%. Subject to change without notice. Consult a tax advisor regarding the deductibility of interest. NMLS #410367. Member FDIC. Equal Housing Lender.

Disclosure effective August 1, 2023 and supersedes any other disclosure.

Apply for a HELOC Online or In-Person with FNCB Bank’s 16 Locations in Northeast PA

FNCB Bank offers home equity lines of credit with carve out to Pennsylvania, New York, and New Jersey residents. Apply online or schedule an appointment at one of our 16 locations in Northeastern Pennsylvania today!

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Home Equity Line of Credit FAQ

What is the difference between a home equity loan and a home equity line of credit (HELOC)?

A home equity loan gives you a nice lump sum of money upfront, along with fixed monthly payments and a steady interest rate. It's great for specific goals and helps you easily plan your budget. On the other hand, a home equity line of credit (HELOC) is like a flexible credit card tied to your home's equity. You can borrow as you need during a draw period, which adds a touch of freedom. Just remember, with a HELOC, it's important to manage your spending wisely. Still have questions? Contact us today.

What can I use a HELOC for?

A home equity line of credit (HELOC) provides flexibility in how you can use the funds borrowed against your home equity. While specific allowable uses may vary depending on the lender and local regulations, here are some common purposes for which people use a HELOC:

  • Home Improvements:  Many homeowners use a HELOC to fund renovations, remodeling projects, or repairs to enhance their homes and increase their property value.
  • Debt Consolidation:  You can use a HELOC to consolidate higher-interest debts, such as credit card debt or personal loans, into a single, potentially more manageable payment with a lower interest rate.
  • Education Expenses:  HELOCs are sometimes used to finance educational expenses, such as college tuition or ongoing professional development courses.
  • Major Purchases:  If you have a significant expense like purchasing a vehicle, financing a wedding, or covering medical costs, a HELOC can provide a source of funds.
  • Emergency Funds:  Some individuals establish a HELOC as a financial safety net to access funds in case of unexpected expenses or emergencies.
  • Investment Opportunities:  Homeowners may utilize a HELOC to seize investment opportunities, such as funding a business venture or acquiring investment properties.

Should I use a Home Equity Line of Credit or Auto Loan to purchase a car?

The decision of whether to use a home equity line of credit or an auto loan to purchase a car depends on several factors. A home equity line of credit can offer a lower interest rate, potential tax benefits, and the ability to borrow a larger amount. On the other hand, an auto loan is specifically designed for car purchases, with straightforward terms and lower origination costs. While auto loan interest rates may be slightly higher, it allows for a separate financial arrangement and typically has shorter loan terms.

Try out FNCB Bank’s financial calculator, specifically designed to help you determine whether a home equity loan or auto loan would be better for your car purchase.

 What does a "carve out" option mean for a HELOC?

A HELOC carve-out loan lets you lock in, or carve out, an amount of money from your line of credit as a fixed-rate loan. FNCB Bank’s carve-out option allows you to finance large purchases and repay the loan in predictable monthly installments.

A HELOC carve-out option is a financial arrangement that allows homeowners to access a specific portion of their home equity as a separate loan without affecting their existing mortgage. Unlike traditional home equity loans or lines of credit, a carve-out specifically segregates a part of the homeowner's equity, offering it as a lump sum or a revolving credit line.

This option particularly appeals to those looking to finance major expenses, such as home renovations or debt consolidation, without refinancing their primary mortgage or tapping into their entire equity reserve. It combines the benefits of lower interest rates associated with secured loans and the flexibility to use funds as needed, all while preserving the terms of the original mortgage.
At FNCB Bank, we allow homeowners to lock in up to 3 simultaneous fixed-rate loans at once, so you can finance your big purchases without any worry.

 

Our Mission: To make your banking experience simply better.

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