Home Equity Lines of Credit
Home Equity Lines Of Credit
A home equity line of credit can provide a great way to turn the home equity that you have earned into a source of immediate cash for unexpected medical bills, car repairs or credit card debt. Our line of credit offers checks and online banking options.
To find out whether you’re in a good borrowing position, and the maximum amount you should be able to borrow, take our One-Minute Home Equity Loan Test. You might also want to consider ordering yourCredit Report to assess your own credit standing. Or just call us or contact us through the website. We’ll be pleased to help answer your questions
• Borrow up to 80% loan to value
• Variable rate of interest tied to the Wall Street Journal Prime Rate
• Interest payments may be tax deductible (consult your tax advisor)
Home Equity Line of Credit Loans are a variable interest rate product offering.
CURRENT PRIME RATE IS 3.75% as of December 16, 2016. DEPENDING ON CUSTOMER’S QUALIFICATIONS, VARIABLE APRS RANGE FOR LINE AMOUNTS AS STATED ABOVE. CUSTOMER’S SPECIFIC RATE IS SUBJECT TO APPLICATION, APPROVAL AND ACCEPTABLE PROPERTY APPRAISAL AND TITLE SEARCH; LOAN-TO-VALUE(LTV) RATIO; CREDIT HISTORY; LINE AMOUNT; LIEN POSITION; OPTIONAL AUTOMATIC PAYMENT DEBIT FROM A CONNEAUT SAVINGS BANK CHECKING ACCOUNT; THE APR IS VARIABLE AND CAN CHANGE EACH MONTH, BUT WILL NEVER BE HIGHER THAN 18.00%. LOWEST RATES IN EACH TIER REFLECT A 0.25% DISCOUNT FOR OPTIONAL AUTOMATIC PAYMENT FROM A CONNEAUT SAVINGS BANK CHECKING ACCOUNT. LOWEST RATE AVAILABLE IS FOR WELL QUALIFIED BORROWERS WHO ARE APPROVED FOR A NEW LINE AMOUNT OF $10,000 OR GREATER; A LOAN-TO-VALUE RATIO OF 80%; 0.25% DISCOUNT FOR AUTOMATIC PAYMENT; ASSUMES PROPERTY IS OWNER-OCCUPIED; FIRST LIEN POSITION; A CREDIT SCORE OF 740 OR HIGHER; BORROWER-PAID TITLE INSURANCE IS REQUIRED ON LINE AMOUNTS GREATER THAN $250,000. OFFER SUBJECT TO CHANGE WITHOUT NOTICE.
THE HOME EQUITY CREDIT LINE HAS A $50 ANNUAL FEE. THE INITIAL FEE WILL BE CHARGED ON YOUR FIRST BILLING STATEMENT AND THEN ANNUALLY, THEREAFTER.
THE APR IS BASED ON PRIME PLUS OR MINUS A MARGIN. THE MARGIN IS BASED ON YOUR HOME’S LOAN-TO-VALUE RATIO, LIEN POSITION, OWNER OCCUPANCY STATUS, AND APPLICANT’S CREDIT HISTORY “PRIME” MEANS BANK PRIME LOAN RATE PUBLISHED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM IN ITS STATISTICAL RELEASE H.15(519) ENTITLED “SELECTED INTEREST RATES.” USE OF THE WORD “PRIME” DOES NOT MEAN THAT THE RATE IS THE BEST OR LOWEST RATE OFFERED BY ANY LENDER. INSURANCE MUST BE CARRIED ON THE REAL PROPERTY SECURING THE ACCOUNT, AND FLOOD INSURANCE IS REQUIRED ON BUILDINGS LOCATED IN A SPECIAL FLOOD HAZARD AREA. THE AMOUNT OF SAVINGS REALIZED WITH DEBT CONSOLIDATION VARIES BY LOAN. SINCE A HOME EQUITY LINE MAY HAVE A LONGER TERM THAN SOME OF THE BILLS BEING CONSOLIDATED, THERE MAY NOT BE A SAVINGS OVER THE ENTIRE TIME OF THE LINE IF YOU MAKE ONLY THE MINIMUM PAYMENTS. MINIMUM PAYMENT REQUIREMENT IS INTEREST ONLY FOR THE FIRST 5 YEARS, FOLLOWED BY A 10-YEAR PAYMENT PERIOD. MAKING ONLY THE MINIMUM PAYMENT DURING THE FIRST 5 YEARS WILL NOT REDUCE THE PRINCIPAL BALANCE ON THE ACCOUNT. INSURANCE MUST BE CARRIED ON THE REAL PROPERTY. FEDERALLY GUARANTEED STUDENT LOANS AND OTHER LOANS WITH SPECIAL GOVERNMENT BENEFITS SHOULD NOT BE CONSOLIDATED BECAUSE YOU MAY LOSE THE BENEFITS. ADVERTISED RATES ARE SUBJECT TO CHANGE AT ANY TIME AND DOES NOT APPLY TO REFINANCING OF EXISTING CONNEAUT SAVINGS BANK ACCOUNTS. CREDIT SUBJECT TO APPLICATION, CREDIT APPROVAL, ACCEPTABLE APPRAISAL AND TITLE SEARCH. CONSULT YOUR TAX ADVISOR REGARDING THE DEDUCTIBILITY INTEREST.
- There is a Draw Period for 5 years after the account is opened during which advances and purchases may be made, and during which reductions to principal are not required (unless credit limit has been exceeded), followed by a 10-year Repayment Period during which the minimum monthly payments amortize the outstanding balance on the line at the end of the Draw Period.
All lending products are subject to application and credit approval. Home equity loans and lines also subject to acceptable appraisal and title search.