Home Equity Line of Credit

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.

  • 2.24% 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

Check out our current rates.

*APR = Annual Percentage Rate. Annual percentage rate may vary. The rate is current as of December 16, 2015. The introductory 2.24% 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 3.75% and maximum APR of 16.00%. Currently Wall Street Journal Prime is 3.50%. 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 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.

Before You Apply

Certain applications might require additional information, which will be requested upon receipt and review of your application. When applying for a home equity line of credit, be prepared to provide the following items:

- Income Documentation- Salaried/Hourly

  • 2 most recent year's W-2's
  • Pay stubs covering most recent 30-day period

- Income Documentation- Self-Employed

  • 2 most recent year's W-2s
  • 2 year's signed and dated Personal and Business Federal Tax Returns with all Schedules and Statements
  • YTD Profit and Loss
  • Balance Sheet

- Savings/Reserves Documentation

  • Copies of bank, retirement, and/or brokerage account statements showing six month's reserves covering your mortgage payment, real estate taxes and home owner's insurance

- Property Information

  • Copies of your deed, survey and Title Insurance policy

- Mortgage Statement

  • Copy of your first mortgage statement, if applicable

- Home Owner's Insurance

  • Copy of your declarations page and evidence of annual premium

- Home Owner's Association

  • Evidence of annual dues, if applicable

- Real Estate Taxes

  • Copy of your real estate tax bill

There is a $90 recording fee which may be paid at closing.