Home Equity Loans and Line of Credit
Home Equity Line of Credit
Home Equity Loan
Frequently Asked Questions
The key difference between Home Equity Loans and Home Equity Line of Credit (HELOC) is that Home Equity Loans can be offered as single lump sum at a fixed rate. Whereas a HELOC, can be drawn upon as a line of credit at a variable rate.
Home Equity Loans - Fixed Rate Mortgage
**Displayed rates and payments based on a second mortgage and assume a property value of $250,000, loan amount of $25,000 (10% of value), and a first mortgage less than $175,000 or 70% of the value of the home/property and a minimum credit score of 740. Additional rates and terms are available. This monthly payment does not include taxes or insurance.
Home Equity Loans - Adjustable Rate Mortgage (ARM)
Home Equity Line of Credit (HELOC)
*APR = Annual Percentage Rate. APR is based on owner occupied status, credit score and a loan to value (LTV) of 80% or less. Variable rate tied to Wall Street Journal Prime Rate, with a floor of 3% and a maximum rate of 11.50%. Minimum draw amount $50. Finance charges may be imposed. Closing costs could range from $550-$1000. Rates and terms are subject to change at any time and without notice.
**Displayed rate and payment based on a second mortgage and assume a property value of $250,000, loan amount of $25,000 (10% of value), and a first mortgage less than $175,000 or 70% of the value of the home/property and a minimum credit score of 740. Minimum monthly payment will equal the greater of $100.00 or $1.00 for each $100 (and fraction thereof) of the Principal Loan Balance as of the end of the month of the billing cycle of the most recent advance. This monthly payment does not include taxes or insurance.