No Fee Home Equity
- Home Improvements such as remodeling, upgrading your kitchen 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
- As long as you are eligible, you will not pay appraisal fees, legal fees, or points. This could save you hundreds compared to other lenders.
- The total loan must be for at least $15,000. If you are refinancing an existing loan from 1ST SUMMIT BANK, the principle will need to be increased by at least $15,000.
- Each borrower must have a 700+ credit score.
- 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 cannot be in a food zone, as this would require professional appraisal fee.**
*Subject to credit approval. Certain terms and conditions apply. Minimum loan of $15,000. Credit score of 700+ required for No Fee home equity loan or line of credit. Customers with a credit score of less than 700 are not eligible. Maximum loan-to-value ratio is 80%. 1ST SUMMIT BANK customer refinancing an existing loan will need $15,000 or more in new money. Automatic payment deduction from a 1ST SUMMIT BANK checking is required. Property Insurance required. Home Equity Lines of Credit are charged $25 maintenance fee annually. Variable rate tied to New York Prime with a maximum annual percentage rate of 18%. Limited time-offer. May be changed or discontinued at any time.
**A professional appraisal is required for property in a flood plain. The appraisal fee will be at the property owner's expense.