Got Equity?
Tap into the Value of Your Home
Home Equity Loan and Line of Credit
Tap into the value of your home—and make it work for you. Home equity loans and lines of credit are the perfect solution for debt consolidation, home improvements, education expenses and more.
Home Equity Loan:
Use the equity in your home to borrow a predetermined amount that is repaid on a fixed, monthly schedule.
Home Equity Line of Credit (HELOC):
Revolving line of credit with unlimited access up to your available credit limit.
Home Equity Loan
Choose a home equity loan if you need a one-time lump sum to use as you wish.
- No annual fee or prepayment penalties.
- Fixed monthly payments make budgeting easier.
- You may be eligible to borrow up to 95% of your home’s equity.
Home Equity Line of Credit (HELOC)
Choose a HELOC if you need a revolving credit line for maximum flexibility. You only pay interest on the balance you use.
- No annual fee or prepayment penalties.
- You may reuse the line of credit as balance is repaid.
- You may be eligible to borrow up to 95% of your home’s equity.
- 10-year draw period, with up to a 15 year repayment period.
To determine how much equity you have in your home, figure out the difference between the appraised value of your home and your current mortgage balance.
Here’s a simple formula to calculate your home’s equity:
Current Appraised Value of Your Home ($250,000) – Outstanding Balance ($150,000) = Your Equity ($100,000)
Several websites, such as Zillow or Redfin, can help to provide a rough estimate of your home’s value. Looking at what comparable homes in your area have sold for is another great point of reference.
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"There are so many things I love about Rivermark. After being with a "mega" bank for over 15 years, and we were still just a number to them, we made the switch to Rivermark. It was the best thing we ever did for our banking.
Specifically, we are in process for the 10 year fixed rate mortgage. The interest rate is extremely low and the closing costs are even lower. This loan will be saving us thousands of dollars over the next 10 years! I appreciate Rivermark offering such a product. It is a testimony of Rivermark offering products that truly benefit their members."
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Home Equity APRs listed above are for owner-occupied single family residences, are effective as of the above date, and are subject to credit and collateral approval. Home Equity Line Of Credit is subject to a Variable Rate which is based on the highest Prime Rate as published in the Money Rates Section of The Wall Street Journal on the 15th day of each month (Index) plus a margin. The Index plus the Margin equals the Interest Rate. Changes in the Index will cause changes in the Interest Rate on the first day of each billing cycle. The Interest Rate will never be less than 3.99% or greater than 18.00%. Closing costs (if applicable) range from $299 to $1,500, including property appraisal and title insurance, if required. Maximum Combined Loan to Value subject to collateral and credit qualifications. Property insurance required. Other rates and terms are available for Investment Property or Manufactured Home Equity Lines of Credit. F Fixed Rates. V Variable Rates. T Tiered Rates. Tiered rates based on credit qualifications.
Fees & Costs: No Annual Fee. No Origination Fee. Title Report & Recording: $100,000 or Less: $299. Over $100,000: Actual Cost over $250. Appraisal may be required at an additional cost
Home Mortgage Disclosure Act NoticeThe HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website. (www.consumerfinance.gov/hmda). |