Fixed Rate Home Equity Loans
A Fixed Rate Home Equity loan is great way to let your home work for you.
The loan can be a 1st or 2nd mortgage secured by your principal residence. A fixed rate home equity loan will give you piece of mind because it has a set term and payment. The interest rate will not change. Our Fixed Rate Home Equity Loans have no closing costs.
Product Features
- Fixed interest rate, term and payment
- Closing costs (up to $1,300) will be paid for by Harford Bank for loans up to $150,000. Borrower pays all closing costs for loan amounts exceeding $150,000. Harford Bank will not pay escrow set up fees if required by regulation with a 1st lien home equity.
- Single loan proceed disbursement at closing
- Cash out fixed rate home equity loans are available for a variety of reasons including home improvement, vacation, bill consolidation, education, etc.
- Variety of loan terms with competitive pricing are available
- Fixed Rate Home Equity Loan interest may be tax deductible; consult your tax advisor
All Rates are expressed in Annual Percentage Rate [APR]
Fixed Rate Home Equity Loans
| Term |
Automatic Payment Interest Rate* |
Standard Interest Rate |
| 60 months |
6.29% |
6.54% |
| 84 months |
6.39% |
6.64% |
| 120 months |
6.49% |
6.74% |
| 180 months |
6.79% |
7.04% |
| 240 months |
6.89% |
7.14% |
| |
|
|
* Automatic Payments: To qualify for the Automatic Payment Interest Rate, you must have the monthly payments automatically transferred from a deposit account that you maintain with Harford Bank.
Automatic Payment Interest Rate payment examples
Based on a loan amount of $50,000 and a term of 60 months, the monthly loan payment is $973.40; a $50,000 loan for 84 months would have monthly payment of $739.81; a $50,000 loan for 120 months would have monthly payment of $567.49; a $50,000 loan for 180 months would have a monthly payment of $443.56; a $50,000 loan for 240 months would have a monthly payment of $384.35.
Standard Interest Rate payment examples
Based on a loan amount of $50,000 and a term of 60 months, the monthly loan payment is $979.24; a $50,000 loan for 84 months would have monthly payment of $745.87; a $50,000 loan for 120 months would have monthly payment of $573.86; a $50,000 loan for 180 months would have a monthly payment of $450.53; a $50,000 loan for 240 months would have a monthly payment of $391.86.
A fixed rate home equity loan must have a 1st lien or 2nd lien position on an owner-occupied primary residence in Maryland, Pennsylvania, or Delaware. The maximum loan to value is 80%. Fixed rate home equity loans do not have any closing costs. The estimated monthly payments do not include the escrow payment for property taxes and insurance. Adequate property insurance is required, and if applicable, flood insurance would be required. Terms and rates are subject to change without notice and other terms and conditions may apply.
Visit any branch, call 410-942-4000 or email for details
Fred Branscome [email protected] NMLS#2016086 443-981-1243
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