A home equity loan may be an excellent way to utilize the equity in your home for a variety of reasons. It may be utilized to finance:
- Home Improvements
- Educational Expenses
- Major purchases such as a boat, car, second home, or once in a lifetime vacation
- Unexpected major medical expenses
- Consolidate high finance charge debts into a lower interest rate loan.
Our Loan Consultant can find the home equity loan that's right for you and give you quotes on current interest rates and closing costs. Or select the specific home equity loan program that interests you to learn more about our various loan programs.
10 Yr Fixed Home Equity Loan
| Best Choice If:You prefer the security of a fixed interest rate and predictable monthly payments and the assurance your interest rate and payment will not change. You prefer a constant payment with no balloon payment due at the end of the loan term. You would like to pay higher payments in order to build equity as quickly as possible and pay off your loan earlier than a 15 year term.
| Advantages:A 10-year mortgage provides a monthly payment that doesn't change. The fixed rate mortgage is the most popular loan option available today. |
15 Yr Fixed Home Equity Loan
| Best Choice If:You prefer the security of a fixed interest rate and predictable monthly payments and the assurance your interest rate and payment will not change. You prefer a constant payment with no balloon payment due at the end of the loan term. You like a lower payment over a 15 year term, versus the 5 or 10 terms, with higher payments. | Advantages:A 15-year mortgage provides a monthly payment that doesn't change. The fixed rate mortgage is the most popular loan option available today. Lowest minimum required payment among the home equity loans or line of credit products. | Disadvantages:Often the highest rates & certainly the longest term (payback period) of the home equity loans. |
5 Yr Fixed Home Equity Loan
| Best Choice If:You prefer the security of a fixed interest rate and predictable monthly payments and the assurance your interest rate and payment will not change. You prefer a constant payment with no balloon payment due at the end of the loan term. You would like to pay higher payments in order to build equity as quickly as possible and pay off your loan earlier than a 10 or 15 year term.
| Advantages:A 5-year mortgage provides a monthly payment that doesn't change. The fixed rate mortgage is the most popular loan option available today. | Disadvantages:Highest minimum required payment among the home equity loans or line of credit products. |
Easy HELOC
| Best Choice If:You are looking for the flexibility of a line of credit. | Advantages:Flexibility to Draw for 10 years.
Interest Only Payments required during 10 Year Draw Period, fully amortizing during subsequent 10 Year Repayment Period.
Access via Online Banking, HELOC Checks, or in Branch. | Disadvantages:The interest rate is variable - can adjust monthly (up or down), based on Prime Rate as published by the Wall Street Journal. Floor of 4.0% & Ceiling of 18.0%. | Sample Payment:Assumptions: $50,000 balance on a HELOC @ 5% and 30 days in a billing cycle
Interest-Only during 120 Month Draw Period: $205.48.
Fully-amortizing during 120 Month Repayment Period: $530.33. |
