Home Equity Loans
Put your Home Equity to work for you!
Your most valuable asset can provide you with the necessary funds. Whether you need it for remodeling, emergency spending, or a tuition payment, our Home Equity Loan could be the answer.
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Home Equity Line of Credit (HELOC)
Unlock the full potential of your home’s equity with our Home Equity Line of Credit (HELOC). This flexible financial solution is ideal for homeowners in Maryland, Virginia, and the District of Columbia looking to access funds for various needs. Whether you’re planning home renovations, consolidating debt, or covering unexpected expenses, our HELOC offers you the freedom to borrow as needed and only pay interest on the amount you use.
Key Features of Our HELOC
- Variable Line of Credit: Benefit from a line of credit that adjusts annually based on the 26-week Treasury Bill (T-Bill) index plus your margin. This reflects current market conditions and ensures competitive rates.
- Flexible Borrowing: Draw funds up to your credit limit during the 10-year draw period, paying only interest on what you use. After this period, you’ll have 15 years to repay both principal and interest, offering a manageable payment structure.
- High Loan Limits: Access up to $1,250,000 on a first deed and $500,000 on a second deed, with a combined loan limit of $2,000,000. Your specific loan limit will depend on your home's value and your loan-to-value (LTV) ratio.
Questions? Contact our Lending Department.
How Can You Use a HELOC?
- Home Renovations: Finance major improvements such as remodeling a kitchen, adding a room, or installing new flooring.
- Debt Consolidation: Combine high-interest credit card debt or personal loans into one manageable payment with lower interest rates.
- Emergency Fund: Keep funds accessible for unexpected events like medical emergencies or major repairs.
- Education: Pay for tuition or other educational expenses at lower interest rates than traditional student loans.
- Home Equity Loan Disclosure
Current HELOC Rates
Effective as of 11/05/2024
| Options | New Rate |
|---|---|
| 1st Residence - 1st Deed - 50% CLTV | 7.000% |
| 1st Residence - 1st Deed - 60% CLTV | 7.250% |
| 1st Residence - 1st Deed - 70% CLTV | 7.500% |
| 1st Residence - 1st Deed - 80% CLTV | 7.750% |
| 1st Residence - 2nd Deed - 50% CLTV | 7.750% |
| 1st Residence - 2nd Deed - 60% CLTV | 8.000% |
| 1st Residence - 2nd Deed - 70% CLTV | 8.250% |
| 1st Residence - 2nd Deed - 80% CLTV | 8.500% |
Additional Underwriting Requirements
- Credit Score: Your credit history will influence your loan terms and approval.
- Loan-to-Value Ratio (LTV): The ratio of your home’s appraised value compared to the amount you owe on your mortgage.
- Income Verification: Proof of income such as pay stubs, tax returns, or bank statements will be needed.
Please Note: Additional underwriting standards and criteria may apply based on your financial situation and loan specifics.
Required Documentation
- Verification of Employment (VOE): Recent pay stubs, W-2 forms, or tax returns (for self-employed individuals).
- Mortgage Statements: Current mortgage statement(s) showing the balance owed.
- Property Information: Recent property tax statements, home appraisal documents, and proof of home insurance. If the property is held in a revocable trust, the loan will be issued in the names of the members who own the property.
- Credit Report: A current credit report (we may request to pull this on your behalf).
- Additional Documentation: Depending on your application and financial situation, additional documentation or information may be required.
Disclaimer: All rates, terms, and conditions are subject to change based on market conditions and borrower qualifications. The rates provided are based on current market conditions and are subject to adjustment based on the 26-week Treasury Bill (T-Bill) index plus your specific margin. HELOCs are subject to credit approval, and additional underwriting criteria may apply. Loan terms, limits, and rates are subject to change. For full details and to confirm current rates and terms, please contact us directly.