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Home Equity Options

You own a home with equity and you may even have some other assets, but you don’t have enough cash on hand to finance that big project such as:

  • Home Improvement
  • New Auto
  • Vacation
  • Debt Consolidation
  • Tuition Payments
  • And More!

Use our handy chart below to determine if a home equity line of credit or loan would work best for you!

Right now, our  Keyline of Credit* is available at Prime for the life of the Line.

 

FEATURES

Home Equity Line of Credit
Keyline Offer*

Home Equity Loan

Do I want an Equity Loan or Line?

FLEXIBILITY: Use what you need, when you need it, on a recurring basis. Draw funds by simply writing a check.

STABILITY: Borrow a lump sum for a specific purpose. Fixed monthly payments allow for easier budgeting.

What about Home Equity rates?

Our Keyline allows you to convert all or any portion of your balance to a fixed rate loan. As a revolving line of credit there is no need to reapply.

Lock in a fixed rate for the life of the loan.

How do I pay it back?

A 10 year draw period and thereafter, a 10 year repayment period.

Convenient and flexible terms available. Fixed repayment terms options include 5-20 years.

How much can I borrow?

Line amounts up to $500,000 (please contact us for higher loan amounts).

Loan amounts up to $250,000.

Is this tax deductible?**

Interest paid may be tax deductible**

Interest paid may be tax deductible.**

FEATURES

Home Equity Line of Credit
Keyline Offer*

Do I want an Equity Loan or Line?

FLEXIBILITY: Use what you need, when you need it, on a recurring basis. Draw funds by simply writing a check.

What about Home Equity rates?

Our Keyline allows you to convert all or any portion of your balance to a fixed rate loan. As a revolving line of credit there is no need to reapply.

How do I pay it back?

A 10 year draw period and thereafter, a 10 year repayment period.

How much can I borrow?

Line amounts up to $500,000 (please contact us for higher loan amounts).

Is this tax deductible?**

Interest paid may be tax deductible**

Home Equity Loan

Do I want an Equity Loan or Line?

STABILITY: Borrow a lump sum for a specific purpose. Fixed monthly payments allow for easier budgeting.

What about Home Equity rates?

Lock in a fixed rate for the life of the loan.

How do I pay it back?

Convenient and flexible terms available. Fixed repayment terms options include 5-20 years.

How much can I borrow?

Loan amounts up to $250,000.

Is this tax deductible?**

Interest paid may be tax deductible.**

*The Annual Percentage Rate (APR) is a variable rate based on the Prime rate published in the Wall Street Journal (WSJ) on the last business day of the month.  The Prime Rate as of 3/30/2020 was 3.25%.  The Rate is Prime for Life of the loan. Rate is subject to change after consummation. Floor is 4.00%.  The maximum APR is 18.00%. 

 

Interest only payments during the 10-year draw period and principal and interest payments during the 10-year repayment period. Loan amounts up to $500,000.  Minimum draw amount is $500 for each transaction. Convertible fixed-rate option available. Rates shown are for owner-occupied 1-2-unit primary residences including condominiums. Not available for homes currently for sale or intended to be sold.  Combined Loan-to-Value (CLTV) limits apply. Subject to credit application and approval.

 

Product Fees:  $450 Attorney fee. If property is in a trust, trust review fee and recording fees apply. Property appraisal and property insurance are required. Flood insurance may be required. Title insurance is required if no first lien on property. Total Closing costs may apply ranging from $450 to $1,680.  An early termination fee of $450 will apply if the line is terminated within first 36 months. A $50 annual fee applies.  Rates are subject to change. **Consult a tax advisor

 

Member FDIC. Member DIF.    Equal Housing Lender.  NMLS #473990