Mortgages

Home Equity Lines & Loans

The equity you've built over the years provides you with a ready source of funds for any purpose. With appreciated home values and low rates from St. Mary's Bank, there's no better time to put the equity in your home to work for you. Buy a new car, make home improvements, consolidate debt or pay college tuition. With flexible repayment terms there are even more reasons to apply for a St. Mary's Bank Home Equity Loan or Line of Credit.

                                                                                                                                         

  Home Equity Line of Credit Home Equity Loan
What is it? It is a loan based on the equity in your home. You can make withdrawals as frequently as you like, up to your credit limit. It is a loan based on the equity in your home. It is an installment loan where your interest rate and annual percentage rate (APR) will stay the same through the life of your loan.
Who is it for? You want the flexibility to borrow what you need, when you need it. You want the same monthly payment for the entire loan period.
Interest Rate
  • Variable Interest
  • The Interest and annual percentage rate (APR) can move on par with the prime rate published in the Wall Street Journal.
  • Only pay interest on the portion of the line you use.
  • Interest may be tax deductible*.
  • Fixed interest
  • Fixed annual percentage rate (APR) for the life of the loan.
  • Interest may be tax deductible*.
Access to Funds Accessing funds is as simple as writing a check. Receive entire loan amount at account opening.
Payment Options Flexible interest only or principle plus interest payment options available. Monthly statement or automatic payment from checking or savings account.
Maximum Term 10 year draw period followed by additional 5 year repayment option. Up to 180 months
Closing Costs No Closing Costs No Closing Costs
Annual Fee $50 annual fee waived with Automatic Funds Transfer from a St. Mary's Bank Checking account None
Interest rate discounts None Available with Automatic Funds Transfer (AFT) from a St. Mary's Bank checking account.
Tax Deductibility Interest may be tax deductible, please consult your tax advisor. Interest may be tax deductible, please consult your tax advisor.