Through July 31, qualifying applicants can get a HELOC from North Shore Bank and pay no appraisal costs.

A home equity line of credit offers an extra source of ready cash with a credit limit determined by the value of your home and how much you owe on it. Determining that value can involve an appraisal, which customers who apply now will not have to pay for.

North Shore Bank offers HELOCs of up to 80 percent of a home’s value. And a HELOC balance can be converted to a fixed rate loan with a low interest rate, making it an excellent way to pay for big projects and purchases, or to consolidate higher-interest debt. North Shore Bank customers with HELOCs also qualify for premium checking accounts with some terrific perks.

“HELOCS are back in vogue!” SVP consumer credit sales Mike Kellman says. “Many of our customers are sitting on very low fixed rate first mortgages, but still want to fix up a bathroom or kitchen, or need a new roof, or just want to take a fantastic vacation. Rather than throwing away their low current first mortgage rate with a cash-out refi, many are electing to sign up for a second-position home equity line of credit. Home values have increased significantly, meaning that many customers are now sitting on mountains of equity.”

However, some customers do still have higher rates on their first mortgages, he notes, and for them it does make sense to do a cash-out refinance. “Make sure you fully understand your customer’s situation before suggesting the proper product for their needs,” Mike says.

You can find more on our HELOC promotion — as well as free information and resources like our HELOC estimation calculator — here.