Home Equity Line of Credit
A Home Equity Line of Credit is secured by your primary residence. This line of credit gives you access to money as you need it.
You will have the flexibility to use your line up to your limit when the time is right for your financial needs. The Bank will give you credit line checks to make accessing your line easier and more convenient.
Product Features
- Flexibility to borrow, pay back and re-borrow
- Closing Costs paid by Harford Bank (up to $1,300) on credit line amounts up to $150,000. *
- Convenient access of the line through checks
- Home Equity Lines of Credit are used for a variety of reasons including home improvement, vacation, bill consolidation, education, etc.
- Home Equity Line of Credit interest may be tax deductible; consult your tax advisor
- 10-year draw period and a 20-year repayment period
Home Equity Line of Credit Rates
Home Equity Line of Credit with the auto-payment feature from a Harford Bank deposit account
Prime - .25%
7.25% - Annual Percentage Rate
Home Equity Line of Credit without the auto-payment feature from a Harford Bank deposit account
Prime + 0%
7.50% - Annual Percentage Rate
The Annual Percentage Rate (APR) noted above is offered to new Home Equity Lines of Credit when payments are automatically made by a transfer from a Harford Bank checking or savings account and the loan amount is no more than $150,000. The APR for a Home Equity Line of Credit without auto payment will be Prime + 0% which currently is 7.50% when the loan amount is not more than $150,000. For APR calculation purposes, a loan amount of $30,000 was used.
* The Bank will pay the closing costs (up to $1,300) on line of credit amounts up to and including $150,000. The borrower will be required to repay all closing costs that were paid on their behalf to third parties if the Home Equity Line of Credit account is closed by the borrower within three (3) years after the account was opened. The borrower will be responsible for paying the closing costs on lines of credit over $150,000.
The APR is variable and the maximum APR on the home equity line of credit is 18.00%. The prime rate is based on prime lending rate published in the Wall Street Journal.
The minimum line of credit amount is $10,000.
The Home Equity Line of Credit must in a 1st lien or 2nd lien position on an owner-occupied primary residence in Maryland, Pennsylvania, or Delaware.
The maximum loan to value, considering all loans with the same property collateral, is 80%. 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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