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The used portion of the credit line may be converted to a fixed rate term loan, while the unused portion of the line remains available as needed.
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Custom Loan Example: $40,000 HELOC
Home Equity Line of Credit |
$40,000 |
Custom Loan #1 |
-$10,000 |
Custom Loan #2 |
-$15,000 |
Remaining Available Balance on Line of Credit |
$15,000 |