Home Equity Loan
Savings Bank offers a fixed rate option to use the equity in your home for your specific needs.
- 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
|Amount||APR (ANNUAL PERCENTAGE RATE)||Interest Rate||Term||Fees|
|$10,000 to $250,000||6.49%||6.49%||60 Months||*|
|$10,000 to $250,000||6.99%||6.99%||120 Months||*|
|$10,000 to $250,000||7.49%||7.49%||180 Months||*|
Please contact us at (707) 462-6613 or email at email@example.com for information regarding 1st lien positions and loan amounts over $250,000.
Rates shown are effective as of 03/26/2023 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 7.49%, with an interest rate of 7.49%, would be repayable in 180 monthly payments of $926.44.
Loans are subject to credit approval.
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 $625 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.