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Home Equity Loans

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Fixed Rate

Home Equity Fixed Rate Loan

Borrow a fixed sum at a fixed rate. Funds are disbursed in a single increment and then the loan is repaid over a set period of time.

Funds given as a lump sum
Varying repayment terms
Payment and interest rate remain the same over the life of the loan
Rates usually much lower than that of a credit card or other consumer loan
Interest may be tax-deductible (consult your tax advisor or accountant)

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Line of Credit

Home Equity Line of Credit

A home equity line of credit (HELOC) gives you a maximum amount to draw against, rather than a fixed lump sum. It features a variable interest rate and offers you the flexibility to borrow, pay down, and borrow again – so long as you stay in good standing with the loan.

You may borrow and repay up to the approved credit limit as needed for the given draw period
Interest paid on your line may be tax-deductible (consult your tax advisor or accountant)
The interest rate is tied to the prime rate and will only change as the prime rate adjusts
Interest only payment option available

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HELOC Rates

Effective Date: Tuesday, November 12, 2024

	Maximum Term	Loan to Value	APR
Fixed Rate Home Equity ⁺	Up to 20 yrs	Up To 90%	Call for details
*Home Equity Line of Credit ⁺ ^XX**	open end ^^	Up To 80%	as low as 7.75%
Home Equity Line of Credit ⁺ ^XX**	open end ^^	Up To 90%	as low as 8.25%

Home Equity Line of Credit rate is subject to change monthly on existing loans and is based on being .25% below (or .25% above for up to 90% Loan to Value) the Wall Street Journal Prime rate listed on the 15th day of the previous month. Prime Rate as of 9/19/2024 8.00%.

The number of years it will take to pay off a loan. The loan term is used to determine the payment amount, repayment schedule and total interest paid over the life of the loan. For example, a loan of $50,000 with an 8.25% APR for 15 years would have 180 monthly payment of $487.22 each and total interest paid of $37,698.21.

⁺

Closing costs may range from $150.00 to $2,000.00.

^XX

There are no minimum, fixed, transaction or activity charges. The maximum interest rate is 18.00%

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