Your investment in your home is worth money in your pocket! Our home equity loan is designed to give you borrowing power for almost any type of major or minor purchase. This type of loan may be used for vacations, college tuition, a new car, home improvements, or consolidation of other debts.
We offer convenient, flexible terms and a competitive interest rate along with a revolving/open-end line of credit. And, unlike many loans, the interest you pay on a home equity loan may be deductible for tax purposes. (Please consult a tax advisor regarding the deductibility of interest.)
- The rate is based on the Wall Street Journal’s Prime Rate + 0.5%
– (with a minimum rate of 5.0%APR) - The rate is variable & subject to change quarterly (Jan, Apr, Jul, & Oct 1st)
- The rate will not change more than 1% per adjustment
- The rate will not change more than 10% over the life of the loan
- The term is 15 years but there is no prepayment penalty
- Closing costs are waived with a $5000 minimum advance within 30 days of closing
- Subsequent advances must be for at least $1000
- The limit is based on the home’s appraised value (100%) less the first mortgage balance
-subject to credit approval