Home Equity Term Loan (Owner Occupied)
Easy budgeting plus tax-deductible interest*
A home equity term loan is a smart way to tap into the buying power of your home. Use the equity in your home for whatever you need: from home remodeling to the purchase of a new car, boat, appliances or even to consolidate other higher interest rate loans into one easy monthly payment.
Plus, the interest paid on a home equity term loan may be tax-deductible (*consult your tax advisor for details.)
We offer home equity term loans for both owner-occupied and non-owner occupied properties.
- $5,000 to $100,000
- Up to 15 years
- Max Loan To Value
- 80% (some restrictions apply; see "Disclosures" tab for details)
- Loan Fee
- Fixed monthly payments
- Prepayment Penalty
|Term||Loan Amount||Maximum Loan to Value||As Low As Rate||APR||Monthly Payment|
|12 to 60 months||$5,000-$100,000||80%||3.99%||4.385%||$276.17|
|61 to 120 months||$5,000-$100,000||80%||4.40%||4.608%||$154.74|
|121 to 180 months||$5,000-$100,000||80%||4.65%||4.797%||$115.91|
Monthly Payment for each Term is based on a $15,000 loan amount including a $100 loan fee and $45 document preparation fee. APR and Monthly Payment are for illustrative purposes only; the actual APR and Monthly Payment will vary depending on the amount borrowed and number of payments. Minimum monthly payment of $100 applies. Payments do not include amounts for taxes and insurance premiums. Your payment may be higher if loan is secured by a first lien. If loan is closed within the first three years, a prepayment penalty may apply. Subject to credit approval.
Effective date: 4/23/2014
Annual Percentage Rate (APR) effective as of date shown above. Fixed Home Equity Loan interest rate may be higher due to factors such as complexity, risk or other considerations.
Estimated closing costs are based on owner-occupied, single family residences and vary from $279.50 to $304.50 not including appraisal and escrow service; actual costs depend on loan amount and complexity and may be higher. Bank will pay for cost of Restricted Use Appraisal; borrower must pre-pay cost of full appraisal if full appraisal is required. If needed, appraisal cost is estimated to be $450 to $600 (higher value properties may cost more). Property and, if applicable, flood insurance are required. Home Federal Bank is currently absorbing all closing costs, except appraisal when required, on line amounts up to $100,000.
Loan-to-Value is up to 80% on single-family, owner-occupied residences; up to 70% on owner-occupied second or vacation homes, townhouses, duplexes, tri-plexes, four-plexes or condos; and 65% on unique structures, including but not limited to log, dome or earthen homes, and considered on a case-by-case basis. Land value may not exceed 40% of total collateral value.
As Low As Rate Explanation
The "As Low As" rate shown reflects a Relationship Pricing Reduction of 0.25%. Relationship pricing may be earned by maintaining an automatic loan payment from a Home Federal Bank checking account for the loan term. All loans are subject to rate increases due to factors such as complexity, risk or other considerations. Relationship Pricing Reduction may never reduce the rate below the loan program rate floor, if applicable.
Tap into the buying power of your home!
A home equity term loan has many advantages for clients of Home Federal Bank:
- You'll receive all the funds at once, so it's perfect for the purchase of autos, boats, home remodels, vacations, debt consolidation or whatever you need
- Interest may be tax-deductible (consult tax advisor regarding deductibility of interest)
- Fixed monthly payments make budgeting easier
Other Benefits and Features
- Fixed interest rate does not change until loan matures
- 15-year amortization helps keep your minimum monthly payment low
- Automatic payment option makes budgeting easy
- Online access to your loan account via eBanking
Subject to credit approval. $100 loan fee and a $45 document preparation fee applies to owner-occupied, fixed rate home equity term loan. Other closing costs are paid by Bank, including Restricted Use Appraisal. Applicant may be required to pre-pay cost of full appraisal, if full appraisal is required. Land value may not exceed 40% of total collateral value. Loan to Value is up to 80% on single-family, owner-occupied residences; up to 70% on owner-occupied second or vacation homes, townhouses, duplexes, tri-plexes, four-plexes or condos; and 65% on unique structures, including but not limited to log, dome or earthen homes, and considered on a case by case basis.