Home Equity Line of Credit (HELOC)
Kansas City homeowners say the BEST HELOC in town is at Security Bank of Kansas City!
Security Bank of Kansas City has been providing loans for 90 years and our Home equity line of credit, or HELOC, is the most powerful financial tool available to help you manage your current and future lending needs. It includes a great interest rate, low monthly payments, and easy access to money when you need it.
Our HELOC Rate:
*Rates range from 8.50% APR to 9.50% APR and are subject to change at any time.
A home equity line of credit, or HELOC, is a revolving credit line secured by the equity you’ve built in your home. It can be used, paid down and reused as needed — like a credit card. The best part is you only pay interest on what you draw!
For HELOC loan amounts between $10,000 and $250,000 borrowers pay no closing costs when the HELOC is setup for automatic payments from a checking account with Security Bank of Kansas City at origination. The interest rate is variable based on a margin over the Wall Street Journal Prime Lending Rate (WSJ). A HELOC in 1st or 2nd mortgage position with a loan amount under 80% loan-to-value will have a rate of WSJ Prime plus 0.00. A HELOC in 2nd mortgage position with a loan amount between 81% and 89% loan-to-value will have rate of WSJ Prime plus 1.00. The draw period is for 10 years. The interest rate will not be lower than 4.75% or exceed 18.00%. There is a $50 annual fee starting the second year. As of July 26, 2023, the WSJ Rate was 8.50%, and the variable rate for Security Bank of Kansas City HELOCs ranged from 8.50% APR to 9.50% APR. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult your tax advisor regarding the deductibility of interest and fees. At maturity, entire balance payment is required in a single “balloon payment.” Example - If you borrow $10,000 at 8.50% and make only the minimum required monthly payments, you will have a balloon payment of $10,000 due at maturity.