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, depending on the loan amount
Rate Details
| Amount | APR (ANNUAL PERCENTAGE RATE) | Interest Rate | Term | Fees |
|---|---|---|---|---|
| $10,000 to $250,000 | 7.49% | 7.49% | 60 Months | * |
| $10,000 to $250,000 | 7.99% | 7.99% | 120 Months | * |
| $10,000 to $250,000 | 8.49% | 8.49% | 180 Months | * |
Please contact us at (707) 462-6613 or email at inquiries@savingsbank.com for information regarding 1st lien positions and loan amounts over $250,000.
Disclosures
Interest Rate
Rates shown are effective as of 04/19/2024 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
8.49%, with an interest rate of 8.49%, would be repayable in 180
monthly payments of $984.15.
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.
Second homes and vacation homes- add 0.50% to the interest rate and APR.
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