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First Mortgage Loans |
Home Equity Loans & Lines
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USE THE POWER OF HOME EQUITY
TO MAKE YOUR DREAMS COME TRUE
Maybe you need money for home improvements or to cover educational expenses. Perhaps you’d like cash to take a well-earned vacation or consolidate your bills into one easy-to-manage monthly payment.
If you are a homeowner, we can help. Our Home Equity Lines of Credit and our Home Equity Fixed Rate/Fixed Term Loans are two great ways to get the funds you want. Even if you don’t have available equity, you may save by refinancing with a lower rate from Huntingdon Valley Bank.
It’s Easy to Estimate Your Available Equity
At Huntingdon Valley Bank, you can borrow up to 95% of your home’s equity even if you don’t have a mortgage with us.
People are often surprised by the amount of equity they’ve accumulated in their home. Use the chart below to calculate the amount you may be able to borrow.
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Homeowner’s Equity Calculation |
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Current market value of your home: |
$_______________ |
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Multiply by up to 95% (x .95) |
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to establish your available equity: |
$_______________ |
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Subtract any remaining balance on your: |
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First mortgage: |
$_______________ |
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Second mortgage payoff: |
$_______________ |
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Your available equity: |
$_______________ |
Approvals are based on credit, income, and the appraised value of your property. Huntingdon Valley Bank will be the first or second mortgage lien holder on your primary residence.
Special Discounted Auto-Pay Rate
Once you’ve estimated your available equity, you can apply for a Home Equity Line of Credit or a Home Equity Fixed Rate/Fixed Term Loan. Both are practical ways to get the cash you want.
Regardless of which option you select, there are no application fees, no closing costs or annual fees. You also qualify for our discounted Auto-Pay rate if you have your monthly loan payment automatically deducted from a Huntingdon Valley Bank savings or checking account. You’ll find this to be a convenient method of making timely payments.
Our Home Equity Line of Credit – For Maximum Flexibility
A Huntingdon Valley Bank Home Equity Line of Credit is an excellent way to ensure that you have ready access to needed funds.
Once approved, you’ll receive special complimentary checks so you can write yourself a loan whenever you choose. This gives you the flexibility to borrow cash at the time you want and in the amount you need. We offer credit lines from $7,500 to $100,000 or more. Of course, you only pay interest on the money you actually borrow.
You’ll enjoy a low fixed rate of interest during the initial period of your loan. After this initial period, the annual percentage rate will be adjusted monthly for the life of the loan, according to the Wall Street Journal prime rate plus a margin. Please ask about the current discount period rate and margin.*
The interest you pay on your Home Equity Line of Credit may even be tax deductible, be sure to ask your tax advisor. In addition, you can take advantage of a special discounted rate of interest by arranging for Auto-Pay of your loan from any Huntingdon Valley Bank checking or savings account.
As you repay the principal, these funds become available again for your use. There are no renewal fees. So it’s literally money in the bank whenever you need it!
Our Home Equity Fixed Term/Fixed Rate Loan— For Simplified Budgeting
This excellent borrowing option is for customers who prefer the advantages of a fixed term/fixed rate loan.
You can borrow from $7,500 to $200,000 for terms of 3 years to 20 years. There are no annual fees, no application fees, and no closing costs. So you know exactly what you will be paying each month. You also get our discounted Auto-Pay interest rate when regular payments are made from a Huntingdon Valley Bank checking or savings account. Your interest may even be tax deductible, so be sure to ask your tax advisor.
Property insurance is required on all loans.
Disclosures are available upon request. Information about current rates, Annual Percentage Rate (APR,) and service charges is contained in these disclosures. Ask for and read all disclosures before applying for any account.
| *Minimum rate: 4.25%. | Maximum rate: 18.00%. |
