Home Home Equity Home Equity Line of Credit
Borrow what you need, when you need it using the equity accrued in your home! With the help of our friendly local team, you can take advantage of competitive rates and get the funding you need for home improvements, debt consolidation, and college tuition. You can even arm yourself with the purchasing power for the vacation home you’ve always wanted! The best part? You get peace of mind knowing your line of credit is available for you when you need it without the high-interest rates of borrowing through a credit card.
Home Owner’s Association Dues
Home Owner’s Insurance
Real Estate Taxes
Salary / Hour –
Self-EmployedWhen you have a 25% or more ownership interest in a business.
Annual percentage rate (APR) may vary. Subject to change without notice. Subject to credit approval. The maximum APR is 16.00%. The minimum APR is 3.99%. Property insurance required. Flood insurance may be required. Loan on 1-4 family owner occupied residence. Based on home’s equity, you can borrow up to 70% of its appraised value less any first mortgage balance on the property. Regulation requires a full appraisal on loans over $400,000 which will be at the customer’s expense. Loans $500,000 and above require Title Insurance in the amount of the loan at the customer’s expense. There is a $60 non-refundable application fee due at the time of application. There is a recording fee which varies from state to state and county to county. Inquire to find out the amount of the applicable recording fees for NJ and PA properties. You may re-borrow the money at any time during the 10-year “draw period,” during which time monthly payments are interest only. After the 10-year “draw period,” the loan converts to a 20 year payout. The total length of the plan is 30 years. The minimum advance is $250. If the loan is paid off and closed prior to 30 months of the term, it will be subject to a 1% penalty of the original approved amount, unless the loan is refinanced into a First Hope Bank home equity fixed rate loan or mortgage. Max Home Equity Credit Line amount is $500,000 for first liens and $350,000 for second liens. First Hope Bank, N.A., 201 Route 94, Second Floor, Columbia, NJ 07832. Company NMLS #460885.