Put the equity in your home to work.
You don't have to look very far to find competitive rates — you can find it in your home. A home equity loan from First Hope Bank lets you take advantage of competitive rates, with two different options for you to choose from based on your needs. Our home equity loans and lines are designed to help use the equity in your home responsibly.
Overview
- Personal service, every step of the way
- Convenience of a neighborhood bank
- Local decision-making
- Competitive rates
Home Equity Fixed Rate Loan
How It Works
Use the equity in your home to borrow one lump sum, up front. Unlike a line of credit, your interest rate and monthly payments will be fixed for the length of the loan.
Best For
Non-recurring expenses such as a major home renovation, a family vacation, a wedding, or consolidating a specific amount of debt.
APPLY For A Home equity fixed Rate loan
For more information, click here.
Home Equity Line of Credit
How It Works
Borrow only what you need, when you need it. Unlike a traditional loan, you only pay interest on what you use—if you use it*. Knowing your credit line is available gives you peace of mind and lets you kiss the need to have high-interest credit cards goodbye.
Best For
Recurring expenses such as tuition, medical bills, and home improvements.
APPLY for a home equity line of credit
For more information, click here.
Not sure which loan is best for you?
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.
HOME EQUITY LINE OF CREDIT:
Annual percentage rate (APR) may vary. Subject to change without notice. The maximum APR is 16.00%. The minimum APR is 3.99%. Subject to credit approval. Property insurance required. Flood insurance may be required. 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. 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 at the time of application. 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. You may re-borrow the money at any time during the 10-year “draw period,” during which time monthly payments are interest only. After the 10-year “draw period,” the loan converts to a 20 year payout. The total length of the plan is 30 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, unless the loan is refinanced into a First Hope Bank home equity fixed rate loan or mortgage. Max Home Equity Credit Line amount is $500,000 for first liens and $350,000 for second liens. First Hope Bank, N.A., 201 Route 94, Second Floor, Columbia, NJ 07832. Company NMLS #460885.
