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What is a Home Equity Master Line sub-account and why would I want one?

You can divide up your Home Equity Master Line into smaller portions called sub-accounts. A sub-account gives you the advantage of a fixed rate, fixed payment, and a fixed pay off schedule.

For example, let’s say you want to purchase an $8,000 kitchen countertop. You have a $20,000 credit limit on your Home Equity Master Line and no outstanding balance.  You can create an $8,000 sub-account and either lock in that amount at a fixed rate with fixed payments or allow the $8,000 to remain in your variable rate outstanding balance.