Home Equity Line with Lock Option (HELLO)

What’s the minimum draw amount on a Home Equity Line of Credit?

There’s no minimum draw amount. However, draws under $300 will include a $15 fee. 

Is there an annual fee for a Home Equity Line of Credit?

Yes, there’s a $50 annual service fee. This fee can be waived when you set up automatic payments from a St. Mary’s Bank checking or savings account. 

To set up automatic payments, you can: 

• Complete the authorization form to establish automatic payments from your St. Mary's Bank checking or savings account and send it through secure email in Online Banking.
• Contact us and we’ll take care of the setup with you. 

Are there fees if I close my Home Equity Line of Credit early?

If you pay off and close your line within the first 3 years (36 months), you may need to reimburse St. Mary’s Bank for closing costs we covered on your behalf. These costs typically range from $675 to $1,275. 

How does the Home Equity Line of Credit draw and repayment periods work?

Your Home Equity Line of Credit has two phases:

• Draw period (first 10 years / 120 months): 
  • You can access your available funds or lock in portions of your balance. During this time, you’ll make interest-only payments on the line, plus principal and interest payments on any locked segments. 
• Repayment period (next 10 years / 120 months): 
  • You’ll repay the remaining balance with principal and interest payments. Lock requests are no longer available during this period. 
  • Your payment is structured to pay off the balance over 10 years at the current Annual Percentage Rate. 

 

When is my Home Equity Line of Credit payment due each month?

Payments are due on the 25th of each month.