Personal Banking

Home Equity

This is a revolving, open-ended line of credit secured by your home.

Access the money anytime by simply writing a check against your line.
You pay interest only on the outstanding balance during the draw phase. You can also make principal payments which would make that portion of your line available for you to use over and over again.
You will receive a monthly account statement detailing all account activity and interest charges.
Home Equity lines can offer tremendous tax advantages. Generally the interest you pay is tax deductible. Consult your tax advisor for your personal situation.
Interest rate cap of 13% APR.

This is a closed end, fixed rate loan.

Use the money for any purpose (i.e. education, investments, etc.)
Borrower pays all closing costs for loans up to $25,000.
You make fixed monthly payments of principal and interest.
You receive the entire loan amount at closing.
You are eligible to borrow loan amounts up to 75% of the appraised value of your home less any first lien (mortgage).
The minimum loan amount is $5,000; The maximum loan amount is $250,000.
You can borrow up to 10 years for loan amounts less than $25,000.
You can borrow up to 20 years for loan amounts $25,000 & above.
Home Equity loans can offer tremendous tax advantages. Generally the interest you pay is tax deductible. Consult your tax advisor for your personal situation.
No closing cost option for loan amounts greater than $25,000.