By using your home as collateral, a home equity line of credit (HELOC) allows you to borrow against available equity. Whether you are looking to make home improvements, consolidate debt, pay for college tuition, use the funds to take a vacation or purchase a car, the possibilities with a line of credit are endless! Essex Bank offers online applications or speak with one of our expert team of lenders. We are here to help.
*Consult your tax advisor.
HELOC Exclusive Disclosure:
Limited time offer is subject to credit and property approval and is based on a minimum equity line amount of $10,000 with a maximum combined loan to value of 85%. The 2.99% APR promotional rate is available for the first six monthly billing cycles after which the APR will revert back to the non-promotional APR available at that time. The lowest APR (Annual Percentage Rate) currently offered is 4.75% and is a variable rate, which is subject to change. All balances will be calculated at a standard variable APR as indexed to the Wall Street Journal Prime Rate (currently 4.75% as of March 23, 2018) plus a margin of 0.00% with a floor of 3.99% for the life of the loan. Automatic deduction of payment is required from an Essex Bank checking account to obtain advertised rate. APR may increase 0.25% if automatic payment is discontinued. The Maximum APR is 24.00% or the maximum required by state law, whichever is less. The line has a 10-year draw period followed by a 15-year repayment period. Bank will pay all closing costs for non-purchase money second lien equity lines up to $250,000. Bank will pay all closing costs except for title insurance for non-purchase money first lien equity lines up to $250,000. Depending on the circumstances of your loan, total closing costs generally range from $407 to $3,783. Product available only to primary and non-investment secondary single-family residential real property located in Virginia, Maryland and the District of Columbia. Home Equity Lines of Credit closed within 24 months of the opening will be subject to a recapture of the closing costs funded by Essex Bank for establishing the line of credit. Property insurance and, if applicable, flood insurance, must be in effect on property securing the loan. Certain conditions and restrictions may apply. Consult a tax advisor regarding interest deductibility.
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