Loans & Credit
Home Equity Loan
While you may think you have searched everywhere for the funds to finance that big expense, you probably have not searched your own home. Take out a home equity loan or line of credit and use the money you’ve paid into your home to fund major or unexpected expenses. Our mortgage officers will customize a loan that meets your needs, so you don’t have to empty your savings for home improvements.
- Summary
- Use home equity to fund purchases
- Borrow up to 80% of the appraised value
- Competitive rates available in fixed or variable
- Amounts of $5,000 and up
- Flexible terms
- Easy application process
- Experienced lenders familiar with the Canton Ohio area housing market
- Efficient local processing for less red tape
- Personalized service at every step
- Home Equity Line of Credit (HELOC)
Enjoy the security of having a ready line of credit for whatever financial hits come your way. Draw from your home equity to fund that big expense.
Features
- Draw from home equity for ready financing
- Borrowers must meet qualification standards
- Must be primary residence
- Competitive rates based on Wall Street Journal Prime Rate +0.74%*
- Draw what you need, as you need it
- Convenient interest only payment during initial draw period
- 10 year limited draw period
- Annual fee is waived the first year
- No documentation fees
- Easy application process
- Experienced lenders familiar with the Ohio area housing market
- Efficient local processing
- Personalized service at every step
*The current Annual Percentage Rate (APR) of 4.24% is based on the Wall Street Journal prime rate (3.50% as of December 17, 2015) plus 0.74%. This APR varies with the Wall Street Journal prime rate. Your rate and corresponding APR may be higher than the advertised rate. Your rate will never be higher than 18%. Your loan request is subject to credit approval. Talk to a Consumers National Bank representative for details! Lines of credit are available only on owner occupied homes. Property insurance is required and flood insurance may be required. There is a $50 annual fee, which is waived the first year. There is an early termination fee of 2% of the line amount or a maximum of $500.00, if the line is paid off and closed within the first 36 months. Interest only payment during initial draw period.
