Home Equity Loans
A Home Equity Loan is a secured, pre-approved line of credit that unlocks the net value of your home. It is an open-end loan that you can use over and over, as long as it continues in force. This loan allows you to borrow against the equity in your home built up over several years.
- Borrow up to 90 percent of the appraised value of your home, less the amount on your present mortgage
- Borrow any amount up to your credit line at any time within 15 years, subject to terms of the account agreement
- No appraisal required if first or second mortgage is $250,000 or less
- No need to reapply or record a new deed of trust. Simply let us know how much you need.
- Minimum payment based on the interest rate, loan balance, and payment frequency
- Payment schedule based on the minimum per $1,000 of the highest outstanding balance rounded to the next highest increment.
- If your Annual Percentage Rate (APR) is up to 12 percent, your monthly payment will be $12.00 per $1,000.
- If your rate is 12.25 percent to 15 percent, the monthly payment will be $14.00 per $1,000.
- If your rate is 15.25 percent and higher, the monthly payment will be $16.00 per $1,000. If disability insurance is desired in conjunction with life insurance, the payments will be $2.00 per thousand higher.
