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Remodeling your kitchen.
Making college tuition possible.
Giving your daughter her dream wedding. |
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These are just of few of the possibilities you have when you have a Home Equity Line of Credit with Heritage Bank. This account is a personal revolving line of credit that is secured by the equity in your home (a second mortgage) and can be used for virtually anything you desire. If you own your home or have at least $5,000 in equity, a Home Equity Line of Credit may be ideal for you.
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| Ask one of our experienced loan professionals for specifics about the many features of this product, such as: |
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• Limited Closing Costs — Heritage pays for a lien search and flood area determination. The borrower only pays for the recording of the mortgage and the appraisal fee (if required).
There is no annual fee. |
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| • Tax-Deductible Interest — This is for homeowners who itemize deductions on their tax returns...customers should check with their accountant. |
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| • Low Monthly Payments — Interest only payments are required for the first five years, then 2% of the outstanding balance. Monthly activity statements are provided. |
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| • Interest Rate — Interest rates are adjusted monthly and are based on the National Prime Rate plus an appropriate margin. Rates can range from 4% to a cap of 18%. |
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| • Loan Duration — 5 years for the revolving draw period and 10 years for the repayment period. |
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| • Easy Access — You may access the Home Equity Line of Credit through checks provided by Heritage. |
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| • Simple Application Process — Your application takes about 15 minutes in person or by phone and can usually be closed in less than two weeks. |
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| Stop by one of our branch locations and ask one of our loan specialists about the Heritage Home Equity Line of Credit today. |
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| Loan to Value Options... |
| 80% Loan to Value |
| This is the appraised or estimated value of your home, times 80%, minus the current mortgage balance equals the amount of equity that is available. |
| Example: |
| $ |
100,000 |
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value of home |
| $ |
x.80 |
% |
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| $ |
80,000 |
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loan to value |
| $ |
-55,000 |
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mortgage balance |
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| The interest rates for an 80% or less loan to value Home Equity Line of Credit is: |
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Credit Line |
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Rate |
| $ |
5,000 and over |
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Prime |
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| 80% - 90% Loan to Value |
| Home Equity Lines of Credit are also available for up to 90% of the value of a home. |
| The interest rates for an over 80% and up to 90% Home Equity Line of Credit is: |
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Credit Line |
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Rate |
| $ |
5,000 and over |
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Prime + 1% |
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This is not a complete disclosure of loan guidelines and fees. Please see a customer service representative for rates and complete details.
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