Use the equity in your home to your advantage. Finance home improvements, vacations, debt consolidation, major purchases and more. You can borrow up to 100 % of the current appraised value of your home, less your current mortgage balance and any other liens on your property. The loan works like an installment loan, with a fixed amount advanced to you in a lump sum. You can repay the loan in affordable, fixed monthly payments over a set term, with a fixed interest rate.
Home Equity Line Of Credit (HELOC)
This revolving line of credit is secured by the equity in your home for up to 100% of the current appraised value of your home, less your current mortgage balance and any other liens on your property. You don’t make a payment or pay interest until you use the account. You can borrow, pay back, and borrow again as often and as much as you wish, up to your credit limit. It’s easy to access your funds by check, phone, in person or online.
The interest on a HELOC or home equity loan may be deductible from your Federal Income Tax. See your tax advisor for more information.
Loan Protection
Feel secure with added life and disability protection. This optional protection pays all or part of your outstanding loan balance in the event of your death, and will pay the minimum monthly payments for you if you become disabled and unable to work. To enroll, simply ask your banker.
* HOME EQUITY LINE OF CREDIT: The Annual Percentage Rate (APR) for the Home Equity Line of Credit is a variable rate which may change daily. The APR is based on the prime rate (as published in the Wall Street Journal) plus or minus a margin and will vary as the prime rate varies, but will not exceed 21%. The APR quoted above is based on the current rate for an 80% loan-to-value home equity line of credit with additional rate discounts given for opening a Rewards checking account, having automatic payment and a credit score of 715 or above. It assumes an initial advance of $10,000 that remains outstanding for a 5-year term and includes a $95 application fee and closing fees of $99 (appraisal and lien search are extra, if applicable). Minimum loan amount of $7,500 is required and offer subject to credit approval. Property and flood (if applicable) insurance will be required. Available for a limited time. $2.00 monthly non-usage fee assessed if Checkcard is not used for a signed purchase at least once a month. Misc. Code 347.
Equal Housing Lender.