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.
- 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.