Home Equity Line of Credit

HELOC | Product Terms

Home Equity Line of Credit

A true revolving HELOC with a mandatory full initial draw

How you repay depends on how you draw

Revolving Plan

Simple Loan

What is on the HELOC today

Mandatory full draw at origination

Rate set at the time of each draw

Home improvement, debt consolidation, and cash-out

Ready to apply for a HELOC?

HELOC · Available today

This HELOC is available today. It is a true revolving home equity line of credit — not a closed-end loan — guided by Russ Cox at Trust Mortgage LLC.

How the line works

At origination, 100% of the credit limit is drawn into a fixed-rate Simple Loan. As that balance is reduced, the line reopens. You can then redraw through cash outs, card purchases, or balance transfers — the revolving feature of a true HELOC, not a one-time closed-end advance.

One account · two payback options

Card purchases

Card purchases sit on a floating-rate revolving plan. The minimum payment is 1% of principal per month plus interest. The rate equals WSJ Prime plus a fixed margin set at origination.

Cash outs & balance transfers

Cash outs and balance transfers become a fixed-rate, fully amortizing simple-interest loan. Terms are 10, 15, 20, or 30 years. The 30-year term is only available for lines over $25,000. The rate is determined at the time of the draw.

Product terms

Initial draw

The line opens with a 100% draw. Those funds become a fixed-rate Simple Loan. That first advance is not optional — it is how this HELOC funds at closing.

Additional draws

After the initial balance is reduced, additional draws are available. Cash outs and balance transfers take a fixed rate at the time of the draw. Credit card purchases use a variable rate indexed to WSJ Prime. Draws are unlimited within the 5-year draw period, up to available credit.

Common uses

Borrowers commonly use this HELOC for home improvement, debt consolidation, and cash-out. Because the line is revolving, paying down the Simple Loan restores capacity. Later cash-outs, card purchases, and balance transfers sit on the same account — with the payback plan that matches how you drew.

Start the dedicated HELOC application, or review qualification and the process first. Russ Cox can walk you through the program before you submit.

Questions? Call

Trust Mortgage LLC

Russ Cox · Executive Mortgage Advisor

NMLS · Company NMLS

2530 S Rochester Rd Rochester Hills, MI 48307

Contact

Equal Housing Opportunity