Home Equity Loans
Need money for school tuition? Bill consolidation? Home remodeling? If so, a home equity loan may be a good option. The rates are typically lower than other types of consumer loans, and the best part is, when you borrow against the equity in your home the interest you pay may be tax deductible. (Consult your tax advisor.) We offer two types of Home Equity Loans for - a Fixed Rate Home Equity Installment Loan and a Variable Rate Home Equity Line of Credit.
Fixed Home Equity LoanEnjoy the predictability of fixed payments with a Fixed Home Equity Loan. Your fixed rate won't change for the selected term. Rates start as low as APR*.
Variable Rate Home Equity Line of Credit
The Variable Rate Line of Credit Loan is available at 90% Loan to Value (LTV**). You simply write a check - up to your available limit - anytime without the hassles of reapplying each time you need additional money. As you pay off the balance more becomes available for you to use again. Credit lines start at $5,000.00 and go up to $300,000.00 with convenient draw and repayment terms.
Note: Rates start at Prime***
Home Equity Refinancing
We will also refinance your Home Equity Loan from another financial institution. Bringing your interest rate down even just one percentage point can mean significant savings.
7.00% APR* - Monthly payment $870.70 = Interest over 10 years $29,482.74
6.00% APR* - Monthly payment $832.56 = Interest over 10 years $24,904.26
Savings over term of loan $4,578.48
Please contact the Lending Center at 800-225-1859 to apply.
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*APR=Annual Percentage Rate. Subject to credit approval. This is the lowest available rate on a 5-year fixed loan with a loan-to-value ratio of 90%. Rates will vary based on creditworthiness, the loan-to-value ratio on your owner occupied primary home, and the term. ABCO refinance required to add a minimum of $10,000 new cash. The maximum LTV is 90% and the maximum term is 15 years. Rates and terms subject to change at any time without notice.
**To calculate your LTV, divide the mortgage loan amount by the fair market value of the home. For example, a mortgage loan of $150,000 on a home that is appraised at $200,000 has an LTV of 75%. To estimate how much equity you will be eligible for, subtract the amount left on your mortgage (if any) from your estimated home value.
***The Annual Percentage Rate is a variable rate starting at prime. The prime rate is based on the Wall Street Journal. The current prime rate is 5.25% as of 07/31/19. HELOCs have a 20-year term with a 5-year draw period and 15 year- repayment. The maximum APR is 17%. There are no closing costs, however third-party fees may apply depending on your individual situation. Contact us for details. Property insurance is required, including flood insurance where applicable. Potential line of credit must be a minimum of $5000 new cash; minimum monthly payment amount for credit line balance is $100 . Consult a tax advisor for deductibility of interest.