Closed End Home Equity Loans

Closed End Home Equity Loans

Closed End –3/1 ARM Home Equity Loan
This loan allows you to take a one-time disbursement of funds to use for any purpose with terms up to 15 years.  Take advantage of a low fixed introductory rate for three years before the variable rate starts.

  • No Points.
  • The variable rate cannot change more than two percentage points in any one calendar year and has a lifetime cap of 6% above the initial rate after the introductory period.
  • The rate will adjust annually (on anniversary date of opening) after the first 3 year period is over.
  • There are no closing costs if loan is left active for at least 36 months.
  • Borrow up to 100% of your available equity.
  • You will receive notification of credit approval within 48 hours of submitting your application and the closing process should be completed in two to three weeks.
  • Additional documents needed with application include a statement of your current mortgage, your most recent tax bills, copies of your most recent paystub, and proof of your homeowners insurance.

Closed End – Fixed Rate Home Equity Loan
This loan allows you to take a one-time disbursement of funds to use for any purpose with terms up to 10 years with a low fixed interest rate.  Your payments don’t ever change and your rate will never go up.

  • No Points.
  • There are no closing costs if loan is left active for at least 36 months.
  • Borrow up to 100% of your available equity*.
  • You will receive notification of credit approval within 48 hours of submitting your application and the closing process should be completed in two to three weeks.
  • Additional documents needed with application includes a statement of your current mortgage, your most recent  tax bills, copies of your most recent paystub and proof of homeowner's insurance.

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* Loans subject to credit approval and application

Rates