Equity Loans

Home Equity Line of Credit

A Line of Credit can be an effective tool to manage your financial needs. What can you do with a Home Equity Line of Credit? How about home improvements, college tuition, a swimming pool, debt consolidation, or the vacation you've always dreamed of? The possibilities are endless!

• No annual fee
• Maximum credit line of $200,000 on owner occupied properties⁽¹⁾
• Check writing convenience⁽²⁾
• Take advances for up to 10 years
• 15 year repayment term
• Minimum payment amount of $50.00 is required
• For possible tax advantages, consult your tax advisor regarding deductibility of interest.
• Owner occupied: Borrow up to 97%⁽³⁾ of appraised value
• Non-owner occupied: Borrow up to 70% of appraised value, maximum loan amount $50,000
• Variable Annual Percentage Rate that adjusts quarterly⁽⁴⁾
  

"Payment Example : Pay $8.05 per month per $1,000 borrowed at 5.25% APR for 180 months."

Home Equity Loan

A Home Equity Loan offers a one-time advance with a fixed term and interest rate. If you know exactly what you would like to use these funds for, then a Home Equity Loan may be the right choice for you.

• Fixed interest rate
• Maximum loan amount $200,000.00⁽¹⁾
• Seven, 10 and 15 year terms available
• Minimum payment amount of $50.00 is required
• Borrow up to 97% of appraised value⁽³⁾
• Owner occupied property only
  

"Payment Example : For a 15 year term, pay $9.28 per month per $1,000 borrowed at 7.50% APR for 180 months."

⁽¹⁾Based on appraised value of the property

⁽²⁾Minimum loan advance is $500.00

⁽³⁾Private Mortgage Insurance is required for loans over 80% loan to appraised value

Costs to open a Home Equity Line of Credit range from $0.00 to $505.00, depending on type of appraisal used.
Fees are waived for initial advances of $10,000 or more
Property Insurance is required
Other restrictions may apply

⁽⁴⁾Annual Percentage Rate based on the following formula: the highest commercial prime-lending rate of interest as correctly published in the Wall Street Journal, Western Edition, on the most recent publication date prior to the first day of the quarter plus a margin. The index, margin and APR will be disclosed to you when the loan is approved. There are no annual limits to rate changes. However, it will not increase above 18%