Exploring the Benefits of Term-Out Options With Your CCB HELOC

At CCB, we believe in providing flexible financial solutions to meet your evolving needs. One of the most versatile tools we offer is the Home Equity Line of Credit (HELOC). This week, we continue to share the benefits of a CCB HELOC by discussing the “term-out.”

Understanding the Term-Out Option

So, what exactly is a term-out? Essentially, it allows you to convert all or part of your HELOC balance into a fixed-rate, fixed-term loan. This loan will have a set repayment schedule, with the maturity date not exceeding that of the original HELOC note. Here’s a closer look at how this can benefit you:

Fixed-Rate Stability

One of the primary advantages of a term-out is the fixed-rate option. While HELOCs typically have variable rates, converting a portion of your balance to a fixed-rate term loan shields you from interest rate fluctuations. This stability can make budgeting and financial planning more straightforward, giving you peace of mind knowing your payment amount will remain consistent.

Flexible Payment Terms

You can choose from up to three term-out loans at any time, each carrying a fixed-rate and amortized payment structure. With terms ranging from a minimum of 12 months up to a maximum of 20 years, you have the flexibility to select a repayment period that aligns with your financial goals and cash flow needs.

Ease of Conversion

Converting part of your HELOC to a term-out loan is straightforward. You simply need to take an advance on your line of credit, complete a Term Out Option Request Form, and submit it to our loan servicing department. Once processed, your balance is termed out, and as you repay, the available balance on your HELOC replenishes, up to the expiration of the draw period.

Preserving Access to Credit

As you repay your term-out loans, the principal balance becomes available again on your HELOC. This means you can continue to access your credit line for future needs, offering ongoing flexibility and financial resilience.

Why Choose CCB?

At CCB, we are committed to providing banking solutions that fit your individual needs while offering both flexibility and stability. Our HELOC with term-out options is designed to help you manage your finances more effectively, providing the tools you need to achieve your financial goals.

Whether you’re looking to manage debt, finance home improvements, or handle unexpected expenses, the term-out option on your CCB HELOC can provide a stable, predictable way to manage your finances. Explore the possibilities and take control of your financial future with CCB.

For more details and to start your application, contact us to get started! Our dedicated CCB team is ready to assist you with any questions you may have.