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Home Equity Loan

Savings Bank offers a fixed rate option to use the equity in your home for your specific needs.

Account Details

  • Fixed interest rate
  • Collateral: 2nd lien on owner occupied residences
  • Amortization periods up to 15 years (180 months)
  • Combined loan to value up to 80% of the appraised value.

Rate Details

Loan Amount                       MAX 70% CLTV                    MAX 80% CLTV                        LOAN TERM           Fees
APR                            RATE APR                          RATE   *
$10,000 to $500,000 7.24%                         7.24% 8.24%                       8.24% 60 Months *
$10,000 to $500,000 7.49%                         7.49% 8.49%                       8.49% 120 Months *
$10,000 to $500,000 7.74%                         7.74% 8.74%                       8.74% 180 Months *

Please contact us at (707) 462-6613 or email at inquiries@savingsbank.com for information regarding 1st lien positions.

Disclosures

Interest Rate
Rates shown are effective as of 05/18/2025  and are subject to change without notice. APR is based on the amount you finance and the term (length) of your contract. Typical Payment Example: For a 15 year (180 months) fully amortized equity loan in 2nd lien position in the amount of $100,000 at an APR of 7.74%, with an interest rate of 7.74%, would be repayable in 180 monthly payments of $940.70.



Credit Approval
Loans are subject to credit approval.

Insurance requirement
Property insurance required; flood insurance is also required if the property is in a special flood hazard area.

*You may have to pay certain fees to third parties such as title companies and government agencies, when a sub-escrow is required to pay off an existing lender, or if vesting corrections are needed. These fees can range from $400 to $2,000. Savings Bank of Mendocino County will pay up to $675 in closing costs.

Non-owner occupied – Non-owner occupied home loans are also available. Rates and APRs will be higher, and additional fees will apply. Maximum loan to value not to exceed 75%. Contact us for more information.

NMLS# 472412