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Home Equity Considerations

If you are a homeowner, you might be considering how the equity in your home might be a good source of financing to help pay for college, make home improvements or even help simplify debt.

With all of the available choices, it can be difficult to find the right fit for you and your situation. Here are some important things to keep in mind as you consider how a home equity loan could help you with your financial goals.

 What's the annual percentage rate (APR)? 

 Is there an origination (application) fee?

  • LOC does not charge an application fee.

 How much will the appraisal cost?

  • LOC does not charge an appraisal fee.

 Are there other upfront fees you will need to pay? 

  • LOC does not charge upfront fees.

 Are there prepayment penalties?

  • LOC does not have prepayment penalties

 % Loan to Value (LTV) the institution is willing to finance (80%, 85%, 90%)

Other items to consider from a line of credit perspective:

 Is there an annual fee?

  • We do not charge an annual fee

 Length of draw period--or how many years you have the open line available to you

  • LOC offers a 10-year draw 

 Length of the repayment period

  • LOC offers a repayment period of up to 10 years

 Minimum monthly payment calculation

  • Our minimum monthly payment is 1.40% of the outstanding balance.  For example, a home equity line of a credit with a $10,000 balance the payment would be payment would be $140.

Our two home equity options are the perfect way to tap into this potential source of funding. Regardless of the option you pick, you’ll enjoy no appraisal, annual or application fees.

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