Home Equity Line of Credit
Discovery Bank provides Home Equity Lines of Credit (HELOC) secured by a first or second trust deed on an owner occupied single family residence. A HELOC can be utilized for various purposes, including: debt consolidation, college tuition, home improvements, financing a business acquisition, or to provide additional cash flow.
Maximum Term |
20 Years |
Collateral |
1st or 2nd Trust Deed on the subject single family residence |
Repayment Terms |
10 Years of interest only payments on any outstanding balance (revolving), followed by 10 years of interest only payments, fully amortized (non-revolving). |
Advance Rate |
Loan-to-value ratio may not excced 80% of the 1st $750,000 in appraised value, plus 65% of the next $500,000 in appraised value, plus 50% of the appraised value in excess of $1,250,000. |
Rates |
Variable; generally based on the Wall Street Journal Prime Rate plus a Bank determined spread. No points or fees for loans up to $250,000; priced at WSJ Prime + 1.00% |
Take advantage of the exciting opportunities in your future by applying for a Discovery Bank Home Equity Line of Credit. Inquire with one of our experienced bankers or contact Discovery Bank today!