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 | 7.49% 7.49% | 8.49% 8.49% | 60 Months | * |
| $10,000 to $500,000 | 7.74% 7.74% | 8.74% 8.74% | 120 Months | * |
| $10,000 to $500,000 | 7.99% 7.99% | 8.99% 8.99% | 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 10/22/2024
Rates shown are effective as of 10/04/2024 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 7.99%, with an
interest rate of 7.99%, would be repayable in 180 monthly payments
of $955.07.
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