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Why Refinance your Mortgage?
- Refinance to pay off your 1st mortgage and reduce your mortgage rate and monthly payment.
- Refinance to pay off your 1st mortgage and take out some additional cash.
- To pay off your 1st and 2nd mortgages (excluding home equity lines) and reduce your mortgage rate and monthly payment.
- To pay off your 1st and 2nd mortgages (including home equity lines) and take out some additional cash.
- To pay off your 1st mortgage and your home home equity line, closing your home equity line to any further advances.
- To pay off your 1st mortgage and your home equity line, paying the home equity line balance to zero but leaving the equity line open to further advances.
- To pay off your mortgage(s) and reduce your mortgage term (i.e. refinancing a 30 year to a 15 year).
- You currently have no mortgage liens on your property and wish to obtain cash by applying for a 1st mortgage.
- You currently have a construction mortgage loan and wish to pay it off and obtain permanent financing.
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HOME EQUITY LINE OF CREDIT |
HOME EQUITY LOAN |
| What are common uses? |
When you need access to money over time—like for ongoing home improvements or tuition |
Single, one-time expenses, debt consolidation |
| How much can I borrow? |
Up to 100% of equity |
$10,000 to $500,000 |
| Is the interest rate variable or fixed? |
Variable, with fixed-rate lock option |
Fixed and variable options |
| How long can I borrow funds for? |
5-30 year fixed rate feature, on balance of $5,000 or more |
3-30 years, to fit your budget |
| How do I access the funds? |
Ongoing access via check, online and telephone banking |
Single lump sum |
| What's the repayment schedule? |
Monthly, based on how much you use |
Fixed, predictable monthly payments |
| Is the interest tax deductible? |
Interest may be deductible (consult tax advisor) |
Interest may be deductible (consult tax advisor) |
Refinance
Extend Your Current Line of Credit
To speak with a lending specialist about increasing a current line of credit.
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 Using Your Funds |
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| According to our customers, the "big 3" uses for home equity funds are home improvement, debt consolidation and large purchases. |
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| Home Improvement |
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| From bathroom remodeling to a kitchen makeover, adding a room to weather-izing, home improvements can make a big difference when it's time to sell. |
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| Dept Consolidation |
| Using your home's equity is a terrific way to consolidate high-interest credit card payments into a single low, fixed payment each month. Our debt consolidation calculator can show you how much you can save each month |
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APR |
OUTSTANDING BALANCE |
MONTHLY
PAYMENT |
| Credit Card Debt |
8-18% |
$20,000 |
$600* |
| Home Equity |
5.75%-7.5% |
$20,000 |
$220* |
| Monthly Savings |
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$380.50 |
| Annual Savings |
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$4,566.00 |
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| Large Purchases |
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A home equity loan is a smart way to fund and "even out" payments for large expenditures like tuition, weddings and a new car or unexpected purchases.
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