Mortgage & Home Equity

Owning a Home

The journey of owning a home starts long before you begin the search and continues on long after. Our team of experts has created helpful tools and guides to help you on your way.

Frequently Asked Questions

What happens when my home construction is completed?

Once your home is complete your permanent mortgage loan (30, 20 or 15 year fixed) is nothing more than a refinance of the construction loan.

How is the money for construction accessed?

Your construction loan functions like a line of credit. You only pay interest on what you “use.” Your builder will submit draws monthly. 

Do I need an appraisal for a construction loan?

Yes, you or your builder will provide Union Bank with blueprints, a new home specification sheet, and contract. We will then arrange for an appraisal based on these plans and specs.

How does a Home Equity Line of Credit (HELOC) work?

A Home Equity Line of Credit (HELOC) is a revolving loan that provides you with the ability to borrow funds at the time and in the amount you choose, up to a maximum credit limit for which you have been approved. A HELOC is secured by the equity in your home. You can easily access your HELOC through your existing UBT checking account via online  or automatic transfers, or set up a separate HELOC checking account for convenient access through a HELOC Visa Debit Card.

What is the difference between a Home Equity Line of Credit (HELOC) and a Home Equity Loan?

Both a Home Equity Loan and a Home Equity Line of Credit (HELOC) are secured by the equity in your home.

A Home Equity Loan has a fixed rate, payment and term.

A HELOC works like any other revolving line of credit and is very similar to a credit card. It allows a homeowner to use the equity in his/her home on an ongoing basis. You can easily access your HELOC through your existing UBT checking account via online  or automatic transfers, or set up a separate HELOC checking account for convenient access through a HELOC Visa Debit Card. The interest rate on our HELOC is variable and will change from time to time.

Please consult your tax advisor regarding the deductibility of interest for home improvements.

What are some ways I can use my Home Equity Line of Credit (HELOC)?

You can access your funds any time you choose, for any purpose. Home equity lines of credit are often used for larger purchases like home improvement, college tuition, automobile or second home purchases, or the consolidation of high interest-rate debt. 

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Learning Center articles, guides, blogs, podcasts, and videos are for informational purposes only and are not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.

Loan products subject to credit approval.

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