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Home Equity Lines of Credit (HELOC)

A HELOC leverages the equity in your home to secure a credit line for other borrowing needs.

Your home may be your biggest investment. Now that investment can start returning dividends – with a home equity line of credit from WesBanco. Home equity lines of credit often have low interest rates and a flexible borrowing structure, making them a beneficial loan for home improvement costs, bill consolidation, tuition and more. Click to learn more about our fixed-rate options.

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Home Equity
FlexLine of Credit

Put your home’s equity to work for you.

Intro 0.99% APR for 90 days then rates as low as 3.74%1 APR

Learn more about available rates

Home Equity FlexLine of Credit

Intro 0.99% APR for 90 days
then rates as low as 3.74%1 APR

PRIME RATE 4.00%
Rates below are before any applicable reductions. Max loan-to-value (LTV) / combined loan-to-value (CLTV) of 90%.

Loan to Value Tier 1
Credit Score: 740+
Tier 2
Credit Score: 739-700
Tier 3
Credit Score: 699-670
Tier 4
Credit Score: 669-640
80% Prime – 0.01% Prime + 0.50% Prime + 0.75% Prime + 2.00%
81-85% Prime + 0.50% Prime + 0.75% Prime + 1.50% N/A
86-90% Prime + 1.00% Prime + 1.25% Prime + 2.00% N/A
Rate Additions Add 0.75% for loan amounts of $5,000 to $24,999
Add 0.25% for loan amounts of $25,000 to $49,999
No additional rate increase for loans of $50,000 or greater
Rate Reductions/Discounts A 0.25% rate discount when you set up automatic payments from a WesBanco checking or savings account.

A 0.50% rate reduction on new WesBanco Flexlines secured by a 1st lien on the property, or on refinanced 1st lien WesBanco FlexLines with an increase in the Line of Credit Amount.

 

Lower Rate Than Other Lending Options
While a Home Equity has a variable interest rate structure, WesBanco’s HELOC provides the option to convert a portion of the outstanding balance into a non-revolving loan with a fixed-rate and term called a Partition.
The available credit limit of the Master Line of Credit will be reduced by the amount of the Partition. The Master credit limit will be replenished as principal payments are made to the Partition. The Master Line of Credit must be in good standing at the time a Partition is requested. The account may not be delinquent. There may not be any withdrawal locks or other holds on the Master Line. A Partition Modification Fee will be assessed on the first billing statement and will be added to the Master Line of Credit loan balance. This fee will be waived for “new” Master Line of Credit Accounts in which a Partition is established at the time the new loan disburses.

 
The loan amount available to you is based on the equity built up in your home and is often distributed in a draw period (where you can borrow and repay as needed). At the end of the draw period you begin to make amortized payments of principal and interest on the balance of your loan.

Most HELOCs are revolving credit lines during the draw period, which means you can repay the line and borrow from it again. For example, if you borrow $5,000 for home repairs and pay that back within the draw period, it becomes available to borrow again. Want to know more about what to expect during the application process? Learn More below.

 

Learn More

Cover Expenses with a Home Equity FlexLine of Credit

A Home Equity FlexLine of Credit is a low-cost, flexible way to use the equity in your home to finance just about anything – whether you’re updating your house, paying off debt, covering tuition or taking a dream vacation! The credit line is yours to use as you please during the 15-year period, though it’s important to remember the loan is leveraging your home as collateral.

  • One-time application.
  • Convenient transfers with online and mobile banking to a WesBanco checking or savings account for advances.
  • Interest-only payments for the 15-year draw period.
  • The flexibility to convert a portion of the balance to a fixed-rate and term at any time during the 15-year draw period.
  • Ten-year principal and interest payback on the outstanding balance at the end of the draw period.
  • A 0.25% rate discount when you set up automatic payments from a WesBanco checking or savings account.
  • Plus, a 0.50% rate reduction on new WesBanco Flexlines secured by a 1st lien on the property, or on refinanced 1st lien WesBanco FlexLines with an increase in the Line of Credit Amount.

Buy a Home with a Home Equity BridgeLine of Credit

Managing finances to buy a new home while selling a current home can be easy with a Home Equity BridgeLine of Credit from WesBanco. Our BridgeLine is a credit line that taps into the equity in your current primary residence to purchase a NEW primary residence. You can streamline the buying and selling process by using equity in your home – even if it’s currently on the market listed for sale! Then, you can leverage the proceeds from the sale of your home to pay down your home equity line of credit.

  • Revolving line of credit ranging from $25,000 – $1,000,000.
  • Convenient transfers with online and mobile banking to a WesBanco checking or savings account for advances.
  • Interest-only payments for the 15-year draw period.
  • The flexibility to convert a portion of the balance to a fixed-rate and term at any time during the 15-year draw period.
  • Ten-year principal and interest payback on outstanding balances at the end of the draw period.
  • Plus, a 0.25% rate discount when you set up automatic payments from a WesBanco checking or savings account.
  • This loan must be paid off if the home securing the loan is sold.

Renovate Your Home with a Freedom Home Improvement Line of Credit

Home repairs and renovations are no problem with our Freedom Home Improvement Line of Credit. It’s a manageable way to cover the cost of updates that increase the value of your home. Whether it’s replacing windows and flooring, adding an addition or re-siding your house, WesBanco can help with the financing! Borrow what you need, as you need it during the two-year draw period to cover renovation costs for materials or contractor fees. HELOC range is subject to approval based on the equity available in your home.

  • Revolving line of credit ranging from $1,500 – $20,000.
  • Convenient transfers with online and mobile banking to a WesBanco checking or savings account for advances.
  • Two-year draw period with 7-year repayment period.
  • Fixed-rate HELOC with principal and interest payments.
  • A 0.10% rate discount for auto debit from a WesBanco checking account
  • Applicant income and area limits apply*

*Product only available within the Bank’s Assessment Areas. Rates and terms are available upon request. Mobile homes are eligible if they are permanently affixed to the real property owned by the titleholder to the mobile home. Other terms and conditions apply.

Subject to credit approval.

What to Expect When You Apply

 

BEFORE YOU APPLY CHECKLIST

  • Income Sources – Wage earners will need one month of their most recent pay stubs and W2’s from the past two years. Self employed borrowers will need two years of personal tax returns, including all schedules, K-1s and personal financial statement. Fixed income borrowers will need documentation for pension, social security, disability, etc.
    Copy of the homeowner’s declarations page showing coverage for the collateral property
  • Two years of Employment Information – Employer’s name, address, phone number; your job title and start date
  • Existing mortgage holder, monthly payment & outstanding balance of mortgage
  • A list of all loans or credit cards, including estimated balances that will be paid off with the new loan
  • A copy of the deed or a tax receipt for the property being used as collateral (Your WesBanco Banker can assist if necessary)
  • You will also need to provide valid government approved identification, such as current driver’s license or state issued ID, passport, or military ID, etc.

AFTER YOU APPLY

Upon credit approval, WesBanco will order an appraisal, title search and flood certification on the property that will be used as collateral. When all of the required documentation is reviewed you will be contacted with a final lending decision.

PRIOR TO CLOSING

Prior to closing, WesBanco will need to be added as the loss payee on the personal homeowner’s insurance policy declaration page. Evidence of flood insurance will be required, if applicable.

Find a Location Near You!

WesBanco operates over 200 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. Over the past decade, we have built a national reputation as a safe, sound and profitable bank holding company that always strives to do better by its customers.

Locations
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