Home Equity Line of Credit

At Somerset Hills Bank, we can help you take advantage of the equity in your home to finance expenditures both large and small, now and for the future. We give you ready access to a variety of flexible loan options at competitive rates to meet virtually any borrowing need. A home equity line of credit is the best choice if you want to borrow, repay and re-borrow from time to time as the need arises. This type of loan is ideal for shorter term financing needs, such as home repairs or furnishings, medical bills, travel expenses and unforeseen expenditures.

A home equity line of credit from Somerset Hills Bank offers the following benefits:

Home Equity Line of Credit - Current Rate

Your minimum payment will be equal to the greater of $100 or the accrued finance charges plus 0.333% of the principal balance outstanding on the last day of the statement cycle. The minimum payment may not be sufficent to fully repay the principal that is outstanding on your line of credit at the end of 15 years. If they are not, a balloon payment will result and you will then be required to pay the entire balance in a single payment. The annual percentage rate will vary and is indexed to the Prime Rate. The current Prime Rate is 3.25%. The maximum APR will never exceed 17.95% and the minimum APR will never be less than 3.99%. Interest rate is subject to change and may be withdrawn at any time without prior notice. There are no check-writing charges or monthly maintenance fees.

For floating-rate, open-end Home Equity Lines of Credit, the combined loan-to-value ratio may not to exceed 75%. Home Equity Lines of Credit 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:

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.