Home Equity Line of Credit
Helping you find the right home loan is our business. From buying a new home, to improving your home, to refinancing your home, we offer a variety of loans designed to meet your individual needs. In addition to a variety of competitive terms, rates and payments, we offer you our loan specialists to give you advice and offer you their financial expertise.
- You determine the size of your line of credit up to 80% of the equity in your home
- The interest rate is tied to Prime to ensure your cost of funds is always in line with market conditions
- Your only requirement is the minimum monthly payment of interest
- You can make payments at any time toward your principal balance (no prepayment penalty)
- Automatic loan payments can be made from your Community Bank checking or savings account
- You receive competitive interest rates
- There is no cost to apply - in most cases we pay appraisal, recording and title fees
- Five (5) Year Term
Home Equity Rates current as of April 9, 2014
|Home Equity Line Of Credit||5 year||Prime Plus 0%||Floating 6% Floor||Home Equity Line of Credit|
|$200,000||Estimated current value of my home|
|$160,000||Value x 80%|
|- $100,000||Less 1st mortgage balance|
|$60,000||Available for Home Equity Loan|
Call 708.660.1000 to apply for a Home Equity Line of Credit, or stop by Community Bank today.
Approval of all Community Bank products and services subject to bank underwriting standards.