Home Equity Loans
Home Equity Loans
With no application fees and fast approvals, we have a variety of home equity loan options to fit your needs.
List of documents you will need to apply online.
When you’re ready, you can begin the process by applying online with your local Branch Manager. Here's some information we will need from you to start the process. Once the loan estimate has been received and you acknowledge your intent to proceed we will need:
- Copy of W-2 Form for prior two years
- Copy of most recent pay stub dated within 30 days of the application
- Copy of prior year personal Federal Tax Returns, including all schedules
- For self-employed: Copy of prior two years personal and business tax returns including all schedules
- For rental income: Copy of prior two years personal tax returns, includes all schedules.
- Copy of Pension and/or Social Security Award Letter (if applicable)
- Copy of current Real Estate Tax Bill
- Copy of Homeowner’s Insurance Declaration Page and Flood Insurance if applicable
- Copy of most recent two month of asset statements for 1st Position Fixed Equity (Actual Statements)
- Copy of Trust if property is held in Trust
- Copy of homeowners insurance binder
*Additional documents may be requested.
**If you have a credit freeze, we will be unable to quote the applicable rate due to credit scores. The rate disclosed will be based on a credit score of 720 and above.
Click Home Equity Loan Checklist for a printable check list.
Want more information on our Home Loans? Check out this brochure!
Fixed Home Equity Loans
Fixed Home Equity Loans feature a fixed interest rate, fixed term, and fixed amount. Fixed equities are typically used when you need a large sum of money for a specific project, such as renovating your kitchen or replacing your roof.
Fixed Home Equity Product Comparison Chart
Fixed Home Equity Loans Fixed Home Equity First Position Fixed Home Equity 1st or
2nd PositionExpanded Equity (Fixed) Ideal for… Financing a small project or refinancing your mortgage to pay it off more quickly! Financing a project or purchase when you need to borrow a large sum of money. Financing a project or purchase when you already have a substantial mortgage balance. Lien Position 1st and only 1st or 2nd 1st or 2nd Recommended Minimum $25,000 $25,000 $25,000 Maximum Amount $250,000 $250,000 $250,000 Up to ___% CLTV 80% 80% 90% Terms Available 10 years 10, 15 or 20 years 10, 15 or 20 years How to Apply
Contact a Branch Manager for more information or to find the program that’s right for you.
Home Equity Line of Credit (HELOC)
Home Equities Document Check List A Home Equity Line of Credit (HELOC) is a revolving, variable rate loan. You apply for a credit limit, which can be accessed using LOC checks or transfers during the draw period. The draw period is the set period of time during which you may take advances from the loan. The minimum monthly payments during the draw period are interest-only and do not reduce the principal balance owed. The interest rate is a variable rate based on the Prime Rate in the Wall Street Journal. The floor rate is the lowest the interest rate can be at any time.
HELOCs are best when you have multiple needs for cash in the future but don’t need to spend all the money at once – for example, planning several renovations over the next few years or paying tuition for several years. After the draw period, the loan goes into repayment, and no additional advances from the loan are allowed.
Home Equity Line of Credit Product Comparison Chart
Home Equity Lines of Credit Home Equity Line of Credit 6 Month Home Equity Line of Credit Special Expanded Equity Line of Credit Ideal for… Financing projects or purchases over several years – or having the comfort of an emergency fund. Financing a short-term project or purchase. (Introductory low Annual Percentage Rate (APR) fixed for six (6) months. Financing several projects or purchases when you already have a substantial mortgage balance. Lien Position 1st or 2nd 1st or 2nd 1st or 2nd Recommended Minimum $25,000 $25,000 initial draw at closing required $25,000 Maximum Amount $250,000 $250,000 $250,000 Up to ___% CLTV 80% 80% 90% Draw Period 10 years 5 years 10 years Annual Fee None $50 after 1st year None Floor Rate 4.50% 4.00% 6.25% How to Apply
Contact a Branch Manager for more information or to find the program that’s right for you.
