Home Equity Credit Lines

Home Equity Credit Lines

Your home is probable your biggest asset. At Howard Bank, we comprehend the value of your property equity as a monetary resource.

Our house equity choice makes it possible to use your home’s value to generally meet your goals that are financial. You can expect:

    House equity credit lines: Like credit cards, a house equity personal credit line (HELOC) provides revolving credit that enables you to continually borrow as much as your restriction. Once authorized for the credit that is specific, you have access to the funds anytime. The credit immediately renews as you make re re payments.

We presently offer two choices:

Interest Only

  • No home that is existing necessary to apply.
  • Variable rate of interest in line with the prime price plus 1.00percent.
  • Borrowing limit as high as 80 % of your loan-to-value ratio by having a 10-year draw duration.
  • Minimal number of $10,000 and optimum of $1,000,000.
  • 1.00% discount when you have a automated loan payment put up out of the Howard Bank bank checking account.??

Principal & Interest

  • No home that is existing necessary to apply.
  • Adjustable interest in line with the prime price plus 1.00percent.
  • Borrowing limit all the way to 85% of the loan-to-value ratio on domiciles which have an appraised worth of lower than $1,000,000 by having a 10-year draw period.
  • 1.00 per cent discount when you yourself have a automatic loan payment put up out of a Howard Bank bank checking account.??
  • Monthly premiums are 1.00% of one’s outstanding stability.
  • Minimal quantity of $10,000 and optimum of $1,000,000. (more…)