Secured by the equity in your home, this revolving credit account allows you to write yourself a loan for any reason simply by writing a check. You simply pay low minimum monthly payments, or more if desired. Additionally, the interest you pay may be tax deductible (consult with your tax advisor). You don't pay any interest until you use it, so having one of these credit lines "just in case" makes a lot of sense.
Our Line of Credit gives you a credit line amount up to 75% of the tax assessed value or 80% of the appraised value of your home, less your existing mortgage balance, if applicable. Available only for 1-4 Family owner occupied dwellings including condominiums. Home equity products are not available for homes currently for sale or that have been listed for sale in the past six months. There is no application fee, no appraisal fee, no mortgage recording fee, no annual fee, no pre-payment penalty and no minimum draw requirement. There is a lifetime interest rate cap of 18.00% and a lifetime interest rate floor of 4.00%.
Instead of a line of credit, maybe you'd prefer a more structured loan with a fixed rate and a fixed monthly principal and interest payment. Any interest paid may be tax deductible (consult with your tax advisor).
Our Home Equity Loan allows you to borrow up to 75% of the tax assessed value or 80% of the appraised value of your home, less your existing mortgage balance, if applicable. Available only for 1-4 Family owner occupied dwellings including condominiums. Home equity products are not available for homes currently for sale or that have been listed for sale in the past six months. There is no application fee, no appraisal fee, no mortgage recording fee, no annual fee and no pre-payment penalty.
Harvest GOLD customers can save a 0.50% off the annual percentage rate on the Fixed Rate Home Equity Loans with auto debit from a Milford National Bank checking or savings account.
