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Home Equity Line of Credit (HELOC)

Borrow up to 85% of appraised value, less any 1st Mortgage, or 80% of appraised value if there is no 1st Mortgage, whichever is less.  Minimum of $10,000.  Note:  Due to Texas HELOC regulations, Texas borrowers are limited to 80% of appraised value, less any 1st Mortgage, not to exceed 50% of the fair market value, whichever is less.  Additional terms and conditions apply.

HELOC rates as low as Prime Rate -0.50% (Rate Subject to Change)

Term is 180 months with a 60 month draw period.

Payment is amortized monthly based on balance, annual percentage rate and remaining term with a $100.00 minimum.  Additional terms and conditions disclosed with application.  Apply online or contact us at 208-385-5200 and ask to speak with an associate regarding a HELOC.

Tax Reform 2018 Notice:

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 suspended the deduction for home equity interest from 2018 to 2026.  The exception for deduction requires the loan is used to either buy, build or substantially improve the taxpayer’s main home or second home (known as a qualified residence), that secures the loan.

Are existing HELOCs grandfathered under the prior law?   Unfortunately, the Tax reform act did not grandfather the deduction of interest for existing loans, unless it meets the new criteria for tax deductibility.

If a HELOC was originally for mixed purposes is the interest paid on the qualified portion deductible?  Clarification from the IRS is needed to completely address this issue, but it seems that taxpayers would be allowed to take a deduction of the interest for the portion of the loan that qualifies as “acquisition indebtedness” but would not be able to deduct the interest attributed to the “non-acquisition or home equity indebtedness”.

TruGrocer encourages borrowers to consult their tax advisor with questions related to the tax deductibility of a HELOC.