Home Equity Lines of Credit (HELOC)
We offer several different types of home equity lines of credit (HELOCs). These are true lines of credit whereby you decide how much to borrow and when. These types of loans are secured by your home and normally run for ten years. Shorter lengths are available upon request. These types of lines are not available on non-owner occupied properties. Our lines have a minimum of $1,000 and a maximum of $100,000, depending on equity.
Standard HELOC
- 80% loan to value (based on tax statement, market analysis or, upon request, a standard appraisal)
- Ten-year term
- Payments vary (1% of principal amount plus monthly accrued interest)
- Automatic payment available
- Interest rate variable, tied to an external base rate (prime rate)
- Rate may change monthly and can affect monthly payment
- Accessible by check or photo debit card
Expanded HELOC
- 90% loan to value (based on tax statement, market analysis or, upon request, a standard appraisal)
- Ten-year term
- Payments vary (1% of principal amount plus monthly accrued interest)
- Automatic payment available
- Interest rate variable, tied to an external base rate (prime rate) and priced 1% above Standard HELOC
- Rate may change monthly and can affect monthly payment
- Accessible by check or photo debit card
Costs
As of July 6, 2004, the Annual Percentage Rate (APR) on a home equity line of credit with an 80% or less loan-to-value was 4.25%. The interest rate is variable and is subject to change based on JP Morgan Chase, prime rate plus a margin that is determined based on the loan-to-value in your home. Current rates vary from 4.0% to 6.0% APR. Maximum possible APR is 18%. You are responsible for certain fees to third parties, such as appraisers, credit-reporting firms, and government agencies, which are generally from $50-$400. Following the first year, there will be an annual fee of $25. Consult your tax advisor regarding the deductibility of interest expense.
All loans subject to credit approval
Additional Information
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