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Home Equities:
*Annual Percentage Rate (APR) is accurate as of 04/16/08 and is available as low as stated for qualified borrowers (based on credit rating) with 1-4 family owner-occupied residences and automatic payment from a Beacon Checking account. The minimum line of credit is $20,000 and you are required to take an initial advance at closing of at least $20,000. The APR is variable and may change daily, based upon changes in the Prime Rate, but will not exceed 17.90% or go below 5.00%. Property insurance and if applicable, flood insurance and title insurance are required. If you cancel/close your line of credit within 36 months you must reimburse the bank for the third party fees (closing costs) paid in connection with opening the line. The bank does not pay closing costs for home purchase transactions. Interest-only payments during the draw period will not reduce the principal amount you owe on your line of credit so your payment will increase when you begin the repayment period because your new payment will consist of principal and interest. Annual maintenance fee of $25. Offer subject to credit approval and is for new loans only. Offer not available in Texas. Other terms and conditions may apply.
What is a Home Equity?
A home equity loan allows you to use the equity in your home as borrowing collateral and receive advantages over what is traditionally available on other types of consumer loans:
- Lower Rates
- Longer Repayment Terms
- Potential for Tax Deductible Interest (Consult a tax advisor to determine tax deductibility.)
- Multiple Product Choices
- Flexible Repayment Options (Based on product choice.)
Reasons for taking a Home Equity Loan:
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Although the reasons for taking a home equity loan can be as unique as every borrower, the most common reasons include:
Home Improvements: |
- Whether it’s a major room addition, kitchen or
bathroom remodels, new roof or windows, new furnace,
carpeting, swimming pool, landscaping....if you need it
done, a Home Equity Loan can help make it happen. |
| Debt Consolidation: |
- Whether you are looking to simplify your bill paying or if
your credit card balance seems to never decrease. A Home
Equity Loan can help you put a plan into action to payoff
those balances and write fewer checks in the process.
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| College Expenses: |
- Is the rising cost of college tuition keeping you awake at
night? A Home Equity Loan can assist with managing
that expense over an affordable repayment term.
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| Medical Expenses: |
- Unexpected medical expenses can throw a curve ball to
anyone’s budget. A Home Equity Loan can help you avoid embarrassing collection calls that can lead to credit
problems and get you back in the game.
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| Major Purchases: |
- Whether it’s household furnishings, a new car, a boat,
or a motor home…. a Home Equity Loan can offer more
options for tailoring the financing to your terms.
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| Home Purchase: |
- If you’re looking to put less than 20% down payment
towards your purchase, the “Piggy-back” Home Equity
Loan lets you finance 80% of the purchase price in a first
mortgage, and the remaining financed amount in a home
equity loan. This finance structure avoids the added
finance expense of Private Mortgage Insurance traditionally
required when financing in excess of 80% loan to value
(LTV). State restrictions may apply. Origination fees may apply and is subject to borrower’s affordability and owner occupancy.
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How to Apply:
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We offer several application methods so you can choose what fits your schedule.
Visit your local branch: Each of our branch locations has qualified staff willing to answer any of your questions and assist you with the application process. Click here for a list of our branch locations.
Download our Printable Application Packet: Click Here to download a printable application packet to complete and mail or fax to us.
Apply Online: This service is coming soon!
WHAT IS REQUIRED - Application Checklist:
- Proof of Income – Copy of current pay stub; 2 years W2 for inclusion of overtime; 2 years signed personal tax returns for self-employed borrowers.
- Debts Consolidating – A list of debts consolidating and copies of statements if available.
- Deed – A copy of your Deed.
- Mortgage Statement – A copy of your most recent mortgage statement if available.
- Proof of Paid Taxes – A copy of paid receipts for the previous years Property, School and Municipal Taxes. A mortgage statement showing escrow is satisfactory.
Home Equity Product Choices….2 Great Options:
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(1) Home Equity "Prime" Line of Credit t
Our home equity line of credit gives you a pool of credit you can return to whenever you need it.
A Convenient Line of Credit
When you open your Home Equity Prime Line, you get a line of credit with these features...
- Low variable rate.t
- Interest-only payments during draw period.t
- Borrower up to 90% of your home's value. t
- No closing costs.t
A line of credit is great for home improvement projects, debt consolidations, college tuition, wedding expenses, refinance, and any other
major
expense where you expect to see more than one bill. It's great for unexpected expenses such as car repairs or a new roof when you may not want to
dip into your savings.
t The Home Equity "Prime" Line of Credit is only available in the states of Massachusetts, New York and
Tennessee,
for qualified borrowers (based on credit rating) with 1-4 family owner-occupied residences and automatic payment agreement. The minimum line of credit is
$20,000 and you are required to take an initial advance at closing of at least $20,000. The APR is variable and may change daily, based upon changes
in the Prime Rate, but will not exceed 17.90%. Property insurance and if applicable, flood insurance and title insurance are required. Lender's paid
closing costs do not apply to real property purchase transations. The no closing costs requires a reimbursement agreement. If the bank pays the
closing costs and you cancel/close your line within 36 months you must reimburse us for third party fees paid in connection with the opening of the line.
Interest-only payments during the draw period will not reduce the principal amount you owe on your line of credit so your payment will increase when
you begin the repayment period because your new payment will consist of principal and interest. There is an annual maintenance fee of $25. Offer
subject to credit approval and is for new loan only. Other terms and conditions may apply.
(2) Home Equity Installment Loan *
The home equity installment loan is traditional home equity financing with fixed interest rates and repayment terms of up to 20-years. Borrow up to 100% of your homes value for owner occupied property.*** We make it easy with lender paid closing costs on loans with a balance of more than $20,000.**
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* Home Equity loans are available in these states: Massachusetts, New York, Tennessee and Texas. State restrictions may apply to financing terms. Property insurance is required. ** Lender paid closing costs does not apply to real property purchase transactions. The Home Equity Installment, “No Closing Costs”, requires a minimum loan amount of $20,000, and a reimbursement agreement that the loan not be prepaid in full within the first 3-years, where applicable by state law. Typical closing costs range from $200 - $3,000. *** Loan to value is based on owner occupancy and state restrictions may apply. **** State restrictions may apply. Ask for details.
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