Home Equity Loans

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A Home Equity Loan provides the funds in one lump sum, with a fixed interest rate over the term of the loan.  So, your payment stays the same, month after month, which is great for managing a budget.

A Home Equity Line of Credit, with terms up to 10-years, offers flexibility because you write your own loan with convenient home equity loan checks, whenever you need funds; there's no need to reapply.  You pay interest only on the funds you use. 

Rates

  • Home Equity loan rates as low as 3.99% APR
  • Home Equity Line of Credit rates as low as Prime!*

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*Not all applicants will qualify for the lowest rate. Variable interest rate based upon the Wall Street Journal Prime Rate and is subject to change quarterly. The Wall Street Journal Prime Rate was 3.25% from April 1, 2014 to June 30, 2014. The above example illustrates a rate of prime based on a Combined Loan to Value (CLTV) up to 85%. The rate cannot increase or decrease more than 2% in a calendar year, and the maximum rate is 18.00%. The cost of an appraisal and other closing costs are at the borrower’s expense. The minimum line of credit limit is $10,000, and the maximum credit limit is $400,000. Monthly payment during the 10 year draw period will be an interest only payment. Rates are based upon the appraised home value and combined loan-to-value (CLTV) of the first and second mortgages. If the CLTV is greater than 85%, other restrictions may also apply. Available in all states and the District of Columbia, except Alaska, Hawaii and Texas, on owner-occupied residential properties and vacation homes. Approval is subject to income requirements, a credit review, home appraisal, a title search and hazard insurance. If the property is located in a flood plain, as designated with the Federal Emergency Management Agency, flood insurance is required.  The above example illustrates a rate of prime based on a loan amount of $50,000 and a Combined Loan to Value (CLTV) up to 85% in the state of Virginia and carries an estimated closing cost of $975.