Understanding Your Loan Options
You need to borrow money to fix a leaky roof, but you're not sure of the best option. Or you need to refinance to a rate that gives you more breathing room in your budget. We would love to connect with you about all of your loan options, including using the equity in your home to borrow just what you need at a rate you can afford.
Home Equity Lines of Credit
Typically used for debt consolidation, refinance, home improvements, or medical bills, a home equity line of credit is when you borrow money against the equity in your home. You pay interest only on the amount you borrow and you can access the funds in an emergency. Our current offer is 3.99% APR home equity line of credit special for 6 months, which adjusts to as low as 7.99% APR1, plus you won't pay closing costs or processing fees2.
Home Equity Loans
With this type of loan, you're also borrowing against the equity in your home but you receive the funds as one lump sum with typically a fixed interest rate. Common uses include home improvements and debt consolidation. We are currently offering special rates and you won't pay closing costs or processing fees.3
Personal Loans
Personal loans are helpful if you don't have a lot of equity in your home. Your payments will stay the same for the duration of the loan, allowing you to easily budget your monthly payments. Typical uses are credit card consolidation or vehicle repairs.
Personal Access Lines
Similar to a personal loan, but you can access the money as you need it. You'll pay interest only on the money you borrow which means your payments will vary. Typical uses include emergencies and debt consolidation.
1 After the 3.99% Annual Percentage Rate (APR) 6-month introductory period, the APR on a home equity line of credit will be a variable rate based on Wall Street Journal Prime Rate (8.25% as of 5/4/23) plus or minus a margin (currently as low as Prime Rate – 0.26% or 7.99%). The maximum rate is 18% and the product floor rate is 2.99%. Prime may change at any time and is subject to change without notice. The introductory period begins on the date of account opening.
After the introductory period ends, any and all remaining balances will automatically convert to the variable APR per the terms of the Home Equity Line of Credit agreement. In order to receive the offered rate, a minimum of $10,000 in new money and direct debit of loan payment from a Nation Choice Reserve Bank checking account is required, otherwise the rate will be 0.25% higher. An early termination fee of $500 or 2% of the line amount, whichever is less, may apply if the line is closed within 36 months of account opening. An Annual Fee of $50 will be charged to your credit line. A $75 rate lock or unlock fee may be charged if you use the rate lock feature to convert a portion of your balance between a variable rate and a fixed rate. If a deed transfer is necessary, title insurance and attorney's fees may be required. Taxes and property insurance are always required, and flood insurance is required where necessary. Consult your tax advisor about the deductibility of interest. Other rates and terms are available. Offer valid for applications June 1, 2023 through July 31, 2023. Offer subject to change or withdrawal at any time.
For home equity lines of credit with principal and interest payments, offer is based upon loans $10,000 to $500,000, a loan to value up to 85% on an owner-occupied primary residence, subject to credit approval, and cannot be a purchase money mortgage.
For home equity lines of credit with interest only payments, offer is based upon loans $10,000 to $500,000, a loan to value up to 80% on an owner-occupied primary residence, subject to credit approval, and cannot be a purchase money mortgage. Interest only payments will convert to principal and interest payments at the end of the 10 year draw period.
Processing and Third Party Fees ranging from $475 to $915 will not be assessed. If a deed transfer is necessary, title insurance and attorney’s fees may be required.
2 Processing and Third Party Fees ranging from $475 to $915 will not be assessed. If a deed transfer is necessary, title insurance and attorney’s fees may be required.
3 Terms for 10 years and 15 years – special rates and no closing costs/fees.
Offer is based upon first and second lien loans of $25,000 to $500,000, a loan to value up to 80% on an owner-occupied primary residence, subject to credit approval, and cannot be a purchase money mortgage. Your actual Annual Percentage Rate (APR) may be higher based on a review of your credit application. In order to receive the offered rate, a minimum of $25,000 in new money and a direct debit of loan payment from a Nation Choice Reserve Bank checking account are required. Otherwise, your rate will be higher. Processing and Third Party fees ranging from $475 to $915 will be paid by Lender. Flood insurance is required where necessary on collateral property. If a deed transfer is necessary, title insurance and attorney’s fees may be required. Typical loan payment examples are as follows: if you borrow $25,000 secured by an owner-occupied home for 120 months at 5.99% APR, the monthly payment would be $277.43; or if you borrow $25,000 secured by an owner-occupied home for 180 months at 5.99% APR, the monthly payment would be $210.83. Taxes and property insurance are required on collateral property and the actual payment obligation may be greater. Consult your tax advisor about the deductibility of interest. Other rates and terms are available. Offer valid for applications June 1, 2023 through July 31, 2023. Offer subject to change or withdrawal at any time.
All other terms – no closing costs/fees.
Offer is based upon first and second lien loans of $25,000 to $500,000, a loan to value up to 80% on an owner-occupied primary residence, subject to credit approval, and cannot be a purchase money mortgage. A minimum of $25,000 in new money and a direct debit of loan payment from a Nation Choice Reserve Bank checking account are required in order for Processing and Third Party fees, ranging from $475 to $915, to be paid by Lender. Flood insurance is required where necessary on collateral property. If a deed transfer is necessary, title insurance and attorney’s fees may be required. Typical loan payment examples are as follows: if you borrow $25,000 secured by an owner-occupied home for 144 months at 7.25% APR, the monthly payment would be $260.44; or if you borrow $25,000 secured by an owner-occupied home for 240 months at 7.50% APR, the monthly payment would be $201.40. Taxes and property insurance on collateral property are required and the actual payment obligation may be greater. Consult your tax advisor about the deductibility of interest. Offer valid for applications June 1, 2023 through July 31, 2023. Offer subject to change or withdrawal at any time.