Home Equity Lines of Credit
Harrington Bank’s Home Equity Line of Credit
offers you convenient access to credit when you need it. The credit line is
guaranteed for ten years based on the equity you have in your home. The
revolving line of credit is structured to offer attractive market based rates
for whatever you need to borrow. Access to your line is as easy as writing a
check from your account up to the approved credit limit. You may borrow, repay,
and re-borrow as often as you need. The interest you pay may be tax deductible
(please consult your tax advisor). Whether you are taking a vacation,
remodeling your home, paying for education, buying a car, or just having fun, a
Harrington Bank Home Equity Line of Credit is an excellent resource.
Home Equity Line of Credit Guidelines (these are
guidelines only and subject to change based upon your unique needs or
situation):
|
If the amount of your Home Equity Line plus the amount
you still owe on your first mortgage is less than or equal to 89% of the value
of your house, then:
|
If the amount of your Home Equity Line plus the amount
you still owe on your first mortgage is greater than 89% of the value of your
house, then: |
Your home equity line must be a minimum of
$15,000 |
Your home equity line must be a minimum of
$15,000 |
Your line will have a 10 year term |
Your line will have a 10 year term |
There will be no closing costs |
There will be no closing costs |
Interest only payments due monthly |
Interest only payments due monthly |
Your monthly payment may be auto-drafted from your
Harrington Bank checking account |
Your monthly payment may be auto-drafted from your
Harrington Bank checking account |
You must have a satisfactory credit score |
You must have a satisfactory credit score |
Your debt to income ratio must be less than or
equal to 40% |
Your debt to income ratio must be less than or
equal to 40% |
You may be required to maintain private mortgage
insurance |
You will be required to maintain private mortgage
insurance |
If you are purchasing a house and want to use a home
equity line of credit as all or part of your down payment, all of the above
guidelines will apply except that you will be responsible for paying any third
party costs (i.e. attorney, filing fees, title insurance, etc.).
If you are interested in obtaining a home equity
line of credit, this is the information we will need from you
initially:
- 2 years income verification with a current pay stub
- Appraisal or tax valuation on the property
- Property insurance information
- A copy of the Deed of Trust for the property
For more information or to set-up an appointment with
one of our loan officers, please call (919) 945-7873 or send an email to
(Email
Security).
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