Home Equity Line of Credit
The next time you pull out a credit card, think of your home, sweet home—it can save you a lot of money. A home equity line of credit (HELOC) utilizes the equity you have in your home to provide a low-interest alternative.
Unlike a traditional loan, you only pay interest on what you use—if you use it. Knowing it's always available gives you peace of mind and lets you kiss high-interest credit cards good-bye.
- 1.99% APR* Introductory Rate
- No Application Fee
- Only pay interest on what you use
- Interest may be tax deductible - consult a tax adviser
- Immediate access to funds when needed
- Credit line based on equity in your home
- Alternative to credit cards or lump sum loan
- Local decision-making
*APR = Annual Percentage Rate. Annual percentage rate may vary. The rate is current as of January 1, 2015. The introductory 1.99% APR is fixed for 12 months at the time of closing. After 12 months, the APR of the loan will be based on Wall Street Journal Prime, as the index, less a margin of 101 basis points, with a minimum APR of 4.00% and maximum APR of 16.00%. Currently Wall Street Journal Prime is 3.25%. Subject to change without notice. Subject to credit approval. Property insurance required. Flood insurance may be required. New Lines only. Loan on 1-4 family owner occupied residence. Based on home's equity, you can borrow up to 70% of its appraised value less any first mortgage balance on the property. There is a recording fee that varies from state to state and county to county. Inquire to find out the amount of the applicable recording fees for NJ, NY and PA properties. You may re-borrow the money at any time during the 10-year "draw period," during which time payments are interest only. After the 10-year "draw period," the loan converts to a 15 year payout. The total length of the plan is 25 years. The minimum advance is $250. If the loan is paid off and closed prior to 30 months of the term, it will be subject to a 1% penalty of the original approved amount. First Hope Bank, 220 Woodport Road, Sparta, NJ 07871. First Hope Bank NMLS 460885.