Home Equity Line of Credit FAQ

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1.What is a home equity line of credit?
2.How can I use my home equity line of credit?
3.How will a home equity line of credit affect my taxes?
4.What are the terms of a Capital One home equity line of credit?
5.What payment methods are available?
6.Is debt protection available on my home equity line of credit?
7.Are automatic payments available on my home equity line of credit?
8.Can my home equity line of credit be used as overdraft protection?
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1. What is a home equity line of credit?
Capital One's home equity line of credit is secured by a mortgage on your home up to the amount of the equity you've accumulated. In Louisiana, you may be able to borrow as much as 100% Loan To Value (LTV) of your home based on appraised value and your credit qualifications. In Texas, you may be able to borrow as much as 80% of the combined Loan To Value (LTV), not to exceed 50% of the Fair Market Value of your home.
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2. How can I use my home equity line of credit?
You can use a home equity line of credit for anything from home improvement to debt consolidation, investing or sending a child through college. Whatever purchase you may be considering, a home equity line may be just the solution you need.
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3. How will a home equity line of credit affect my taxes?
A home equity line of credit generally gives you the power to fully deduct the interest. You should consult your tax advisor for up-to-date details regarding the deductibility of home equity interest and charges for your situation.
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4. What are the terms of a Capital One home equity line of credit?
A home equity line of credit gives you the flexibility of accessing money as you need it (up to your available credit line). Interest rates are variable on lines of credit. Call us at 1-800-664-0960 for more information on terms and rates.
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5. What payment methods are available?
You can choose from several different payment methods, including:
  • Automatic deductions from your Capital One checking or savings account.
  • Payments online, using Online Banking.
  • Payments via certain Capital One ATMs, in person at a Capital One banking office, or by mail.
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6. Is debt protection available on my home equity line of credit?
No.
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7. Are automatic payments available on my home equity line of credit?
Yes, automatic payments are available. Just ask to have your monthly payments automatically deducted from your Capital One checking or savings account. No monthly checks to mail—it's that easy!
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8. Can my home equity line of credit be used as overdraft protection?
Yes, however, this feature is not available on home equity lines of credit secured by a Texas homestead.
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