Home Equity Loan
At Somerset Hills Bank, we can help you take advantage of the equity in your home by giving you ready access to a variety of flexible loan options at competitive rates to meet virtually any borrowing need. A home equity loan is the best choice if you want to borrow a lump sum and pay it back over a specific period of time at a fixed interest rate. This type of loan is ideal for long term financing needs, such as home improvements, college tuition, debt consolidation and vehicle purchases.
A fixed rate home equity loan from Somerset Hills Bank offers the following benefits:
|
|
Home Equity Loan - Current Rates - as of September 1, 2010
| With Automatic Deduction* | Without Automatic Deduction* | |||
| Loan Term | Annual Percentage Rate | Monthly Payment Per $1,000 Borrowed | Annual Percentage Rate | Monthly Payment Per $1,000 Borrowed |
| 5 Years | 5.30% | $19.02 | 5.55% | $19.13 |
| 10 Years | 5.50% | $10.86 | 5.75% | $10.99 |
| 15 Years | 5.74% | $8.31 | 5.99% | $8.44 |
| 20 Years | 6.00% | $7.17 | 6.25% | $7.32 |
*Annual Percentage Rates (APRs) apply to new Home Equity Loans. APRs with automatic deduction from a Somerset Hills Bank checking account are 0.25% lower than APRs without automatic deductions from a Somerset Hills Bank checking account. APRs are subject to change and may be withdrawn at any time without prior notice.
For fixed-rate, closed-end Home Equity Loans, the combined loan-to-value ratio may not to exceed 75%. Home Equity Loans apply to owner-occupied single family houses, condominiums and townhouses located in the State of New Jersey. The minimum loan amount is $25,000 and the maximum loan amount is $300,000. If the loan is secured by a second lien, the balance outstanding on the first lien may not exceed $300,000. Applications are subject to the bank's credit underwriting criteria.
Contact Us
If you have questions, please feel free to call or stop in at any one of our branch locations, or you may contact one of the following individuals:
| Peter A. Longo Consumer Loan Manager (908) 630-5003 |
James Nigro Senior Loan Officer (908) 630-5016 |
Download an Application
We appreciate your interest in applying for a loan with Somerset Hills Bank. Click on the link below to print out an application and instructions.
