Home Equity Options
Your home is probably the most valuable asset you own. Whether you need to finance college tuition, a new car or boat, home improvements, vacations, or meet unexpected expenses, Securant Bank & Trust® gives you a better way to borrow with a Home Equity Line of Credit or Home Equity Loan.
Home Equity Line of Credit
A Securant Bank & Trust Home Equity Line is based on the equity you have in your home. You can borrow up to 85% of your home's appraisal value, minus its mortgage balance. And, the interest paid on your Home Equity Line may be tax deductible. Consult your tax advisor to determine your full home equity deduction.
- Borrow up to 85% of appraised value or 70% of bank's fair market evaluation, less prior mortgage
- Revolving line of credit
- Accessible by check; minimum advance of $500.00
- Repayment plan of interest only
- Variable rate, tied to Prime rate, which could adjust monthly
- Monthly statement of account activity
- No pre-payment penalty
- Term of 5 years, with 5% floor rate
- Annual Fee of $35.00
Home Equity Loan
If you would prefer a lump sum loan rather than a revolving line of credit, you can obtain a Home Equity Loan. You make monthly payments on principal and interest during the term of the loan. With predictable, fixed monthly payments you can choose a term that fits your budget. Like with the Home Equity Line of Credit the interest paid on your Home Equity Loan may be tax deductible. Consult your tax advisor to determine your full home equity deduction.