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Home Equity Loans

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: a new addition to your home, that landscaping project, your new auto, or educational expenses for your children. Why not take the equity you have accumulated in your home to fund that next big project? Depending on your individual needs, you may prefer one product or the other. Which one is best for you? Use the table below to compare.

Right now, our Home Equity Line of Credit is available at Prime -0.50% For Life.

 

FEATURES

Home Equity Line of Credit

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 of Choice 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?

Interest only payments during the 10 year draw period and a 10 year repayment term.

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

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 of Choice 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?

Interest only payments during the 10 year draw period and a 10 year repayment term.

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.**

*Annual Percentage Rate (APR) is 5.00% as of 7/31/2018 based on The Wall Street Journal Variable Prime Rate published on the last business day of the month for the life of the line. APR will be as low as Prime -0.50% For Life with a minimum draw of $20,000 at closing. The APR and payment will increase after you have obtained credit if automatic payment is discontinued. The APR without automatic payment deductions is Prime -0.50% for Life, APR 4.00% Floor. Rate may increase after consummation. The maximum APR is 18%. Interest only payments for a term based on a 10-year draw period and a 10-year repayment period. Loan amounts up to $500,000. Minimum line advance is $500. Rates shown are for owner-occupied 1-2 unit primary residences. Subject to credit application and approval. Combined Loan-to-Value (LTV) limits apply. An early termination fee of $450 will apply if the line is terminated within 36 months. Not available for homes currently for sale or intended to be sold. Property insurance is required. Flood insurance may be required. Customer is responsible for trust and condominium document review and recording fees when properties are held in trust. Convertible fixed-rate option. A $50.00 fee will be assessed on an annual basis. Closing costs may apply, ranging from $176 to $1,165.50. Rates are subject to change.
**Consult your tax advisor. 

Contact us for other programs with higher loan amounts.