Your home’s value can work for you through a home equity line of credit. A HELOC makes cash available when and if you need it, and you write personal checks against your credit line.
We offer HELOCs ranging from $25,000 to $200,000, and the money is available for five years. During those five years, you make interest-only monthly payments on the amount borrowed and then you can take up to 15 years to repay the balance.
- Loan rate is Prime Rate plus 1.5 or Prime Rate plus 1.0 for automatic loan payments from your Hometown Bank checking or savings account
- Bank offers special promotional rates: Call today for details
- Lifetime cap of 16% and lifetime floor of 5%
- Interest may be tax-deductible (consult with your tax advisor)
- Homeowner’s insurance is required
- No application fee or closing costs on most lines of credit*
For more information, contact our Loan Center today at (800) 249-3832.
*For a line of credit between $25,000 and $100,000, no fees will be charged if:
- Initial draw is $10,000 or more and balance is maintained for at least twelve months and,
- Loan is maintained for 3 years or more. If the loan balance falls below $10,000 during the first year or if the line of credit is terminated for any reason within three years, you must reimburse Hometown Bank for any third-party fees which were incurred to open your loan. These fees will vary depending on the dollar amount of the line of credit.
For a line of credit between $100,001 and $200,000, the borrower is responsible for all closing costs. There are no penalties imposed for early repayment.
For all requests, regardless of loan size, in which a recorded first mortgage on the property does not exist, the borrower is responsible for the associated costs in reference to the title insurance.