Home Equity

Have you built up equity in your home?  

To get an idea of how much equity you have available, subtract the amount of money you still owe on your mortgage from the property’s value. You may be able to take out a loan or line of credit based on that home equity, depending on your financial health and track record.  

Home equity loans or lines of credit deliver more flexibility and lower-interest rates than most unsecured personal loans. They are a great option for renovation projects, debt consolidation, tuition or medical bills, and other unexpected life expenses that come your way.  

Is a home equity loan or line of credit right for you?  

Home Equity Loan (HELOAN) 

A home equity loan is sometimes called a second mortgage, because the structure is much like your original home loan. You borrow a specific amount, receive the lump sum up front, and then make regular payments during a fixed repayment period. Usually, you have a fixed interest rate, so you have the benefit of predictable payments that stay the same amount throughout the life of the loan.  

These are ideal when you have a major project, like a home renovation, and you know the full amount you will need up front.  

Home Equity Line of Credit (HELOC) 

In contrast, a HELOC functions more like a credit card, but typically with much lower interest rates. You establish a line of credit ahead of time and then use it when and if you need it. HELOC’s have a credit limit and a specific  period where you can make draws from your loan. During that time, you can continue to withdraw available funds as you begin to make payments on the amount you have used so far. Once the draw period ends, you’ll repay the remaining balance on your loan, with interest, much like a traditional loan.  

HELOCs are ideal if you want a cash reserve available for a series of smaller projects, or you want funds available for emergency expenses. You only pay interest on the money you use, but as a result your payment frequency and amounts may vary throughout the life of the HELOC. 

 

Apply Online This link will trigger a popup message.

 

 

Home Equity Line of Credit (HELOC) Rates

Apply Now
Loan Type Closing Costs APR Ex: Line Amount Ex: Interest-only Monthly Payment (5-year draw) Ex: Monthly Payment (15-year fixed rate)
Variable Line of Credit None 5.250% $100,000 $375 $803.88
Variable Line of Credit with 3.99% promo rate for first 12 months Paid by Customer 3.99% first 12 months; 5.250% months 13-48 $100,000 $332.50 for 12 months; $375 for 48 months $764.99

Interest Rates Effective: 05/19/2022

Example rates are based on a primary residence and borrower credit score of 700. Assumes the borrower has a first lien mortgage and the home equity line is a second lien on subject property.  Variable rate may increase after closing, as it is determined by WSJ Prime + a margin with a minimum APR of 4.50% and a maximum APR of 18.00%. Max 80% LTV.  Loan terms include a 5-year interest-only draw period and converts to a 15-year fixed rate term with P&I payments based on current interest rate in effect at time of conversion.  APR (Annual Percentage Rate) is based on loan amount, interest rate, LTV and credit score. Example monthly payments quoted include principal and interest only. Actual payments may be higher if they include taxes and insurance.  Rate, terms, and fees are subject to change without notice. Subject to credit approval.  Ask us about additional available loan programs. 

Home Equity Loans

Apply Now
Loan Term Closing Costs APR Ex: Loan Amount Ex: Monthly Payment
15-year Fixed Rate Home Loan Paid by Customer 4.625% $100,000 $771.40

Interest Rates Effective: 05/19/2022

Example rate is based on a primary residence and borrower credit score of 740. Assumes the borrower has a first lien mortgage and the home equity loan is a second lien on subject property. Max 80% LTV.  Example monthly payments quoted include principal and interest only. Actual payments may be higher if they include taxes and insurance. APR (Annual Percentage Rate) is based on loan amount, interest rate, LTV and credit score.  Rate, terms and fees are subject to change without notice. Subject to credit approval. Ask us about additional available loan programs.