HOME EQUITY LOAN AND LINE OF CREDIT
A Home Equity Loan provides the opportunity to borrow against the equity in your home. The advantage of a home equity loan is that by using your home as collateral, you often are able to borrow money at a lower interest rate, saving you money.
A home equity line of credit, or HELOC, works more like a credit card in that it makes a certain amount of credit available to you as you need it, for a limited term. This allows you to borrow as much or as little as you need, within your credit limit. A HELOC also has an adjustable rate that changes with the market, which means that your payments will fluctuate with changes in interest rates and will vary as your balance changes.
Home Equity Loans and Lines of Credit are very often used to finance home remodeling and repairs, but they are not limited to property improvements.
Common applications for Home Equity loans include:
A HELOC makes sense if you need to borrow smaller amounts over a longer period of time, whereas a home equity loan is better if you need a large amount of money all at once.
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*Based on a credit score of 720 and above and subject to Wayne Bank’s credit policy. Annual Percentage Rate (APR) shown is accurate as of 12/2/2022 and is subject to change. A 5.25%, 60 month home equity loan costs $18.99 per month per $1,000 borrowed. Minimum loan amount is $10,000. Advertised rate assumes loan to value is no higher than 80% and payment is by auto draft from a Wayne Bank checking account. Title insurance may be required. Limited to PA and NY properties only. Other restrictions may apply. Ask for details. NMLS # 462082. **Borrower will reimburse lender for waived bank fees and lender paid 3rd party charges if loan is paid off within 36 months of origination. NY properties are subject to NY state mortgage tax for advertised rates. NY property borrowers have option to waive NY state mortgage tax with an increase of .25% to advertised APR, ask for details.
*Based on a credit score of 720 and above and subject to Wayne Bank’s credit policy. Annual Percentage Rate (APR) shown is accurate as of 12/2/2022 and is subject to change. Minimum loan amount is $10,000. Advertised rate assumes loan to value ratio is no higher than 80% and that payment is by auto draft from a Wayne Bank checking account. Title insurance may be required. Limited to PA and NY properties only. Other fees and restrictions may apply. **Monthly payment for 5-year (60 month) draw period is based on principal balance, after which it will convert to fixed for 10-year (120 month) repayment period. During the repayment period, a 7.49%, 120 month home equity line of credit costs $11.87 per month, per $1,000 borrowed. Ask for details. NMLS #462082.
