Home Equity

The money you need may be right under your roof

There are two ways you can put the equity you have built in your home to work for you: a home equity loan and a home equity line of credit.

A home equity loan is based on the equity you have built in your home with your home as collateral. It is a fixed-rate loan providing you with a single, lump sum that is repaid over a set period of time at an agreed-upon interest rate. Your payment and interest rate remain the same over the life of the loan.

A home equity line of credit (HELOC) is also a loan based on the equity you have built in your home with your home as collateral. If you need to borrow money, a home equity line of credit may be one useful source of credit.

With a home equity loan you get a lump sum, but with a HELOC you get a revolving line of credit that you access simply by writing a check. At closing, you are assigned a credit limit that you may borrow up to and a draw period during which time you may borrow money whenever you need it, for education, travel, health care and other purposes you deem important.

*The Annual Percentage Rate (APR) on a bankHometown Home Equity Line of Credit (HELOC) is VARIABLE monthly and is set on the first business day of each month at the Prime Rate published in the Wall Street Journal on the last business day of the previous month minus 0.50%, however, at no time will the interest rate be below 3.99% (Floor). 10 year draw; 15 year repayment. 75% maximum loan to value (LTV) when first mortgage is held by another bank; 80% LTV when Hometown Bank holds the first mortgage. Maximum rate is 18%. No Annual fee Closing Costs Range from $75.00 to $1250.00. Other Fees may apply if no first mortgage and title insurance is required. Homeowners insurance required. No prepayment penalty. Offer may be withdrawn without notice. Subject to our normal credit requirements.

Home Equity Loan

  • Based on a percentage of the equity you have built in your property with your home as collateral
  • Fixed-rate loan providing a single, lump-sum payment to the borrower
  • Repaid over a set period of time at an agreed-upon interest rate
  • Payment and interest remain the same over the lifetime of the loan

CHECK RATES

Home Equity Line of Credit (HELOC)

  • Based on a percentage of the equity you have built in your property with your home as collateral
  • Revolving line of credit that you access simply by writing a check
  • Advance funds up to a pre-determined limit for a draw period whenever you need it
  • May provide you with some tax advantages (Please consult your tax advisor)

CHECK RATES