A first or second lien on a primary residence.Return to Top Prime Equity Line of CreditĪ home equity credit line, Community Bank’s Prime Equity Line of Credit offers a variable interest rate directly tied to the Wall Street Journal Prime rate. Debt Protection is available for this type loan.With rates on the rise, now is the time to take action! Enjoy the spending power you need, relax knowing your rate and your monthly payments are fixed, and possibly benefit from a deduction at tax time, please contact your tax advisor. With a Community Bank Home Equity First, you can have the necessary funding to achieve your goals. Automatic payment draft available from a bank accountĬlick here to Apply Online or obtain our current rates!Ĭommunity Bank’s Home Equity First is a fixed-rate loan secured with a first mortgage on your residence that offers lower rates and longer terms than a conventional home equity program.Monthly payments are fixed for the life of the loan.Loan amounts from $15,000 to $100,000 with up to 85% Loan to Value financing available.A first or second lien on your primary residence.Our Home Equity Installment Loan is a fixed-rate, secured loan that is used for general purposes. Return to Top Home Equity Installment Loan Whether you are looking to lock in a rate or you wish to have the flexibility to write your own loan using the equity in your home, Community Bank has the solution you are looking for. Return to Top Home Equity Installment LoansĬommunity Bank has a number of Home Equity Loans that are tailor-made for every situation. A fixed-rate, secured loan for the purchase of a new or used vehicle.Debt Cancellation Protection is available for this type loanĬommunity Bank offers auto loans through our branch locations.Payments are a fixed monthly amount for the life of the loan.Automatic payment draft available from a bank accountĬontact one of our experienced lenders today!Ĭommunity Bank’s Personal Loan is a fixed-rate loan that is usually used for general purposes or debt consolidation.Life Insurance available for this type of loan.Flexibility of a reusable line of credit with check writing privileges.This is a great option if you have less equity, and are looking for a smaller loan amount.Community Bank’s Preferred Line of Credit is a variable-rate, unsecured loan that can be used for overdraft protection or for general purposes. This traditional option has no locked rates, but has a smaller minimum required limit of just $5,000, while the Flex and Fixed Rate HELOCs require more equity in your home to qualify. In times when interest rates are likely to rise over the next few years, this option ensures your rate will not increase during the draw period. You can borrow the money you need at the same rate throughout the draw period. Unlike the Flex HELOC, you do not have to draw funds from it in order to have a fixed rate. This new product offers the ability to have an open line of credit at a fixed rate. This allows you to save money on your outstanding balance should interest rates go down in the future. The Flex option is a variable rate line of credit that allows you to "lock" your balance at the current rate up to four times during the life of the loan. Metro offers multiple HELOC types, including, Flex, NEW Fixed Rate, and Variable Rate options. HELOCs are 15 year loans, with draw periods ranging from 5-10 years, giving you the remaining time to pay off the balance. You can borrow when you want for as much as you want, up to your limit, and pay your balance down monthly, with no penalty for early payoff. Once approved, your HELOC loan works like a revolving line of credit. Metro Credit Union offers multiple HELOC options for up to 90% of the equity of your home. equity) the amount your home is currently valued at, minus the amount you have left on your mortgage and other existing liens. A Home Equity Line of Credit allows you to borrow money against the portion of your home that you own (i.e.
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