Home Equity Loans & Lines of Credit
What could I do with a Home Equity Loan or Line of Credit?
- Home Improvements such as remodeling, upgrading your kitchen, building a garage, or adding a back porch. These projects add value to your home, plus your interest may be tax deductible! (Consult your tax advisor.)
- Consolidate that high-interest debt into one payment lowering your overall monthly bills! You could even boost your savings with the extra cash!
- College expenses, emergency expenses due to loss of job or medical expenses
How do I know if I qualify for the special rates offered for a Home Equity Loan or Line of Credit?
- The total loan must be for at least $10,000. If you are refinancing an existing loan from 1ST SUMMIT BANK, the principle will need to be increased by at least $10,000.
- A credit score of 700+ is required for the promotional offer.**
- The Loan-to-Value ratio on your home cannot exceed 80%.
- Monthly payment must be set up as an automatic deduction from a 1ST SUMMIT BANK checking account.
- As with all real estate secured loans, property insurance is required.
- Property in a flood zone, will require professional appraisal fee.***
How do I get started?
*Subject to credit approval. Other rates and terms are available. Offers available January 27, 2021 through May 31, 2021. Offer may be changed or discontinued at any time. A minimum loan of $10,000 with an automatic funds transfer (AFT) from a 1ST SUMMIT BANK checking account is required. To qualify for promotional offer, Credit Score of 700+ is required for Home Equity Loan or Line of Credit. Maximum loan-to-value ratio is 80%. 1ST SUMMIT BANK customers refinancing an existing home equity loan or line will need to increase the loan by $10,000 or more in new money. Property insurance required.
¹After the 1.99% Annual Percentage Rate (APR) 6-month introductory period, the Home Equity Line of Credit will be a variable rate based on Prime Rate as published in the Wall Street Journal (3.25% current as of this publication date). The maximum rate is 18% and the minimum rate/floor is 2.50% APR. The introductory period begins on the date of account opening. At the end of the introductory period, any and all remaining balances will automatically convert to the variable APR per the terms of the Home Equity Line of Credit agreement. Home Equity Lines of Credit are charged $25 maintenance fee annually.
²Minimum loan of $10,000 is required. Maximum term of 120 months. 2.49% Annual Percentage Rate (APR) is a fixed rate for the length of the term.
**If you have a credit score lower than 700, you can still qualify for a home equity loan or line of credit but can not take advantage of the special loan rate.
***A professional appraisal is required for property in a flood plain. The appraisal fee will be at the property owner's expense.