Find answers to common questions about managing your HELOC, understanding your statement, making payments, and the ability to lock your rate.
Frequently Asked Questions
Available funds can be viewed on your monthly paper or electronic statement.
You can make HELOC payments through Digital Banking, at any branch, or by mailing in a check. Payments debited from an Amboy Checking account are free, while payments from another financial institution will incur a $1.00 service charge per payment. If you’d like to mail in a check, please send it to:
Amboy Bank
Loan Servicing
3590 US Highway 9
Old Bridge, NJ 08857
Yes, you can make payments via Digital Banking or your Amboy mobile app. Simply choose Transactions and then Loan Payment in the navigation menu and follow the prompts to complete your payment.
HELOC rates are tied to the prime rate, which is a federal benchmark that’s used to determine interest rates for many types of loans. As the prime rate moves, so does your HELOC rate.
When your draw period ends, your principle balance (the amount of your HELOC that’s in use) is divided by the number of months left until maturity and interest is charged on each month’s principle balance thereafter.
Fixing a portion of your HELOC balance is simple. You can call our Residential Lending department at 800-942-6269 to complete and sign our form electronically, or you can stop by any branch to complete the form in person. There is no fee associated with fixing some or all of your Home Equity balances.
To make your balances variable again or to relock at lower rate available for remaining term, simply make your request in writing, including your signature and account number. Please note there is a $500 fee to break your locked rate. You can email your request to reslending@amboybank.com or mail it to:
Amboy Bank
Residential Lending
3590 US Highway 9
Old Bridge, NJ 08857