Home Equity Loan

The Rundown

Fixed rate loan for specific, one-time costs.

  • Interest may be tax deductible
  • No application fees

 

Home Equity Line of Credit (HELOC)

The Rundown

Flexible open line of credit that can be used and paid on for an ongoing basis.

  • Interest may be tax deductible
  • Can link directly to your checking account as overdraft protection
  • Rates typically less than credit cards
  • No application fees
  • If not using any funds, there are no charges

Rates and terms

Draw Period

  • 10 years
  • Variable rate
  • Variable payment; interest only

Repayment plan

  • 20 years
  • Variable rate
  • Variable Payment
  • Principle and interest payments
Silver Lining Lending

The Rundown

Consolidates loans with a competitively priced home equity product for those reaching retirement age with a changing budget.

  • No application fees
  • 1st lien position only

 

*This promotional, introductory Annual Percentage Rate (APR) applies only to new loans. Rate is effective as of July 1, 2019.  The introductory APR will convert to a variable rate after the first 12 months. The variable APR is based on the WSJ prime rate (currently 5.50%) and may adjust quarterly. After the introductory period, the variable APR can range from as low as 5.50% to a maximum of 18.00%. Approval and rate may vary based on credit history, term and security offered. Minimum qualifications for the introductory rate include 80% maximum combined loan to value and a minimum credit score of 670. Other restrictions may apply. Early termination fee of $300 if closed within first 24 months. Loan programs, rates, terms and conditions are subject to change at any time without notice. Closing costs up to $450 may apply if an appraisal is required to determine the property’s value. Proof of acceptable hazard insurance will be required.

**All loans subject to approval. Rates, fees and terms subject to change and may be terminated at any time.