Call us today to speak with one of our experts at 800.491.2328 to help you find the right loan.
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.
- Home Equity loan rates as low as 3.99% APR
- Home Equity Line of Credit rates as low as Prime!*
Apply Online for a Loan Once Logged into Online Banking.
*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.