Home Equity Lines of Credit is typically a junior or second mortgage, which secures a preset line of credit that a borrower may access. The balance fluctuates as funds are advanced on the line and reduces as the borrower repays the funds. Interest rates are typically variable and reflect a base rate usually Prime or Prime + 1. These loans have interest rate floors and ceilings, which limit rate movement up or down and are written as 5 year balloons. Customers have several options as far as repayment. It can be interest only, monthly or quarterly or 1% or 2% of the balance. We also offer a fixed rate second mortgage also ballooning at 5 years but can be amortized up to 10 yrs.