An equity line of credit (ELOC) statement is sent to you each month to provide you with important information about your home equity line of credit. Information in this statement includes the amount and due date of your next payment, details of the activity since your last statement, and much more.
How Do I Read My Equity Line of Credit Statement?
This section indicates the minimum payment due and the payment due date.
This section lists all transaction activity since your last statement.
This section indicates the outstanding balance on your equity line of credit, your credit limit and the amount of available credit.
This section lists a breakdown of how your payment will be applied to principal, finance charges, fees and other charges.
Finance Charge Calculation Summary
This section provides details on how the finance charges were determined for the billing cycle.
This section is detached and sent in with your equity line of credit payment.