Whether it’s home improvements, consolidating debt, buying a new car or funding a family vacation, home equity loans offer a smarter way to borrow money.

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See what your home can do for you.


Take advantage of competitive rates for expenses such as a major home renovation, a family vacation, a wedding, or consolidating a specific amount of debt. Using the equity in your home, you can borrow one lump-sum, up front at a fixed interest rate. You don't have to look far to find a competitive rate — you can find it in your home!


Overview

  • Fixed, competitive interest rate and payments for the life of the loan
  • Choice of monthly or bi-weekly payment options
  • One lump-sum based on home's equity
  • Local decision-making and personal service, every step of the way
  • Interest may be tax deductible, consult with a tax adviser 





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When You Apply

Certain applications might require additional information, which will be requested upon receipt and review of your application.  Please refer to the required document checklist below. If you would like to print the list below, please click here.


General Information
Asset Documentation Copies of bank, retirement, and/or brokerage account statements showing six (6) month’s reserves (for 1st liens) or nine (9) month's (for 2nd liens) covering your mortgage payment, real estate taxes, and homeowner’s insurance. Please include all pages, even if blank.
Home Owner’s Association Dues Evidence of annual dues, if applicable
Home Owner’s Insurance Copy of your declarations page with evidence of annual premium
Mortgage Statement Copy of your most recent statement from your 1st lien holder, if applicable
Real Estate Taxes
Copy of your most recent tax bill
Second/Vacation Home Copy of real estate tax bill, home owner’s insurance, home owner’s association dues, and mortgage statement from 1st lien holder, if applicable

Income Information
Salaried/Hourly
  • 2 most recent year’s W-2s
  • Pay stubs covering most recent 30-day period
Self-Employed
When you have a 25%or more ownership interest in a business.
  • 2 most recent year’s W-2s
  • Pay stubs covering most recent 30-day period
  • 2 year’s signed/dated Personal Federal Tax Returns with all Schedules and Statements
  • Schedule C Businesses
    • Self-Prepared Profit and Loss
  • Schedule E Businesses
    • 2 year’s signed/dated Business Federal Tax Returns with all Schedules and Statements
    • Profit and Loss, 3rd party or staff CPA prepared
Commission
  • 2 most recent year’s W-2s and pay stubs covering most recent 30-day period or Form1099, whichever is applicable
  • 2 year’s signed/dated Personal Federal Tax Returns with all Schedules and Statements
Rental/InvestmentProperty
  • 2 year’s signed/dated Personal Federal Tax Returns with all Schedules and Statements
  • Most recent mortgage statement from lien holder, if applicable
Retirement
  • Social Security Awards Letter
  • 401K/IRA/Pension Statement with Form 1099


HOME EQUITY FIXED RATE LOAN:

Biweekly payments must be auto-debited from a First Hope Checking or Savings Account. Loan to value (LTV) on 5-15 year terms up to 80% of appraised value, less any 1st mortgage balance. LTV on 20 year term up to 75% of appraised value, less any 1st mortgage balance. Property insurance required. Flood insurance may be required. Loan on 1-4 family owner occupied residence. Subject to credit approval. Rate subject to change without notice. First and second liens only. Max loan amount is $500,000 for first lien/$350,000 for second lien. Regulation requires a full appraisal on loans over $400,000 which will be at the customer’s expense. Loans $500,000 and above require Title Insurance in the amount of the loan at the customer’s expense. There is a $60 non-refundable application fee due upon your acceptance of the Loan Estimate. There is a recording fee which 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. Higher fees may apply for PA residents. First Hope Bank, N.A., 201 Route 94, Second Floor, Columbia, NJ 07832. Company NMLS #460885.


15 YEAR HOME EQUITY FIXED RATE LOAN:

*Annual Percentage Rate (APR) is current as of 05/03/2021. New money only. First liens only. 6 months of assets required. Max loan-to-value (LTV) on 15-year term is 80% of appraised value. Payment every month on $50,000 borrowed at 2.875% APR for 15 years is $342.50. Payments do not include taxes and insurance. Your actual rate, payment, and costs could be higher. Get an official loan estimate before choosing a loan. Rates subject to change without notice. Subject to credit approval. Property insurance required. Flood insurance may be required. Loan on 1-4 family owner occupied residence. Max loan amount is $500,000 for first liens. There is a $60 non-refundable application fee due at the time of application. Regulation requires a full appraisal on loans over $400,000 which will be at the customer’s expense. Loans $500,000 and above require Title Insurance in the amount of the loan at the customer’s expense. There is a recording fee which 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. First Hope Bank, N.A., 201 Route 94, Second Floor, Columbia, NJ 07832. Company NMLS #460885.


Home Equity Fixed Loan vs. Home Equity Line of Credit 

Both of these loans are based primarily on the borrower’s credit history and home equity, but what are the differences?

Learn More