A home equity line of credit works much in the same way as a home mortgage or deed of trust. In both cases, the homeowner takes a loan out from a bank or other institution which places a lien on the property. The only difference is that the home owner either gets the total sum of the loan upfront or can take out increments of the total loan amount during the term of the loan.

A Chase HELOC is a smart way to access funds for whatever you need like home improvements, consolidate credit card debt, sudden illness, weddings, or pay for private school or college tuition. The interest rate of the home equity line of credit is often based on the Annual Percentage Rate (APR) and is usually not fixed so it is pretty much guaranteed to go up on occasion. Chase has competitive rates and you can choose from either the Chase Best Rate Option or the Chase NO Closing Cost Option.

With the Chase Best Rate Option, you get the advantage of the lowest rate available and a flat fee closing cost of $399. The closing costs can be financed into your line, which means leveraging your home’s equity requires no out of pockets expense. As the name implies, by choosing the Chase No Closing Cost Option, you get a home equity line of credit and pay no closing costs. With Chase competitive rates, this option will help you get the home equity line of credit you need without paying any up-front costs. It is advisable you read and understand important Home Equity disclosures very well before you signing up. 

Visit Chase Online Banking to learn more about the Chase Bank HELOC rates.