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Home ownership provides alternate means to finance that new car, college tuition, luxury vacation or maybe remodel your home. (Choose between a line of credit or a fixed rate second mortgage.) With a Home Equity Line of Credit you may establish a “secure line-of-credit” up to $50,000 based on the equity in your home.
Your credit limit will be determined based on a loan-to-value ratio of 80% and the interest rate is variable and tied to the Wall Street Prime Rate plus 0% that can change semi-annually with a floor rate of 5.00% APR.
* There is NO CLOSING COST! Interest paid on home equity loans may be tax deductible (consult your tax advisor).
To estimate your home’s equity use the following calculation:
- Appraised Value of Home
- Multiply by Percentage 80%
- Equals Net Value of Home
- Minus First Mortgage Balance
- Equals Your Potential Credit Line
*Closing costs subject to reimbursement if loan is satisfied/paid in less than 24 months.
For more information, please refer to the attached pamplet "What you should know about Home Equity Lines of Credit."
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