Advantages of Opening a Home Equity Line of Credit with your Primary Bank
Do you feel like you are being bombarded with Home Equity advertisements from banks and credit unions you’ve never even heard of at every turn? While you may be tempted to apply for these offers, it may actually be more beneficial to consult with your banker where you have your banking relationship. While they may not offer the same enticing low interest rates as the unknown bank with the shiny postcard, there are numerous advantages to keeping your line of credit with “your bank.”
- Save money! Did you know that if you have an existing deposit account, like a checking or savings account that you make automatic payments from most local banks will give you a discount on your interest rate? While this may not affect the promotional rate, it will help you save money on your Home Equity Line of Credit when your account reverts to a variable rate.
- Save time and hassle. Keeping your banking relationship in one place allows you to do all of your banking at once, without the hassle of making trips to multiple financial institutions. In addition, signing up for online banking gives you the ability to monitor your accounts in one place and the ability to enable automatic payments from your deposit account.
- Enjoy easy access to your funds. Housing all of your accounts at the same bank enables you to easily transfer money between accounts over the phone, thru online banking and at the teller counter so you have access to your money when you need it. Money transferred within an institution is generally made available faster because it doesn’t require the added clearing time of transfers between banks.
Saving money, time and having convenient access to your money are just a few of the advantages of opening a Home Equity Line of Credit with your primary bank. To discover all the benefits of the ENB HomeLine home equity line of credit call us at (877) 773-6605 or stop by any one of our full service branches.Back to Blog >