Home Equity Loans

A Home Equity Line of Credit Loan lets you pledge a part of the equity in your home in exchange for a Line of Credit from which you can repeatedly borrow over a 5 year period. Home Equity Loans are a variable rate loan but have lower origination costs compared to 1st or 2nd Mortgage.  The interest rate may change every 3 months on February 1st, May 1st, August 1st and November 1st.
Estimating your maximum Home Equity Line of Credit is easy:

  1. Determine the value of your home based on either a recent appraisal or a Market Value Assessment.  (You can use your property assessment value from your county as a rough estimate, but an appraisal or Market Value Assessment will be required.)
  2. Deduct all mortgages, including Home Improvement loans and other liens.
  3. This is your “equity” in your home. Your maximum Home Equity Line of Credit will be about 80% of this amount.

Contact a Loan Officer for more information, application and disclosures package (including fees and costs) and the current interest rate.