Home Equity Loans and Lines of Credit

Home Equity Loan

  • Fixed rate for term of loan
  • Available in amounts of $5,000 to $100,000
  • A non-refundable application fee of $250 applies
  • All third party fees on loans up to $100,000 are waived
  • 5 or 10 year terms available
  • Borrow up to 75% of the appraised value of your home, including existing mortgage loans
  • Interest may be tax-deductible
  • Approved borrowers may schedule closings at any branch office.

 

Home Equity Line of Credit (HELOC)*

  • Prime rate plus 1%
  • A non-refundable application fee of $250 applies
  • All third party fees on lines up to $150,000 are waived
  • Minimum draw - $500
  • Lines starting at $25,000
  • Borrow up to 75% of the appraised value of your home, including existing mortgage loans
  • 10 year draw period/15 year repayment
  • Lifetime interest rate cap of 15.9% Annual Percentage Rate (APR)
  • Interest only payments offered during first 10 years of line
  • Monthly statement

All loans and lines of credit are subject to credit approval and appraisal.

*If your Home Equity Line of Credit (HELOC) is terminated for any reason within three years from inception, you will have to repay SCNB for third party fees and/or closing costs we incurred. Actual closing costs will be determined at time of closing. On a typical HELOC of $125,000, the fees required to open the line are $2,871.00. There is an annual maintenance fee of $50.00. Principal and interest payments are required during the 15-year repayment period following the ten-year draw period. SCNB HELOC is a variable rate product based on the highest Prime Rate as published in the Wall Street Journal plus a margin of 1.00% with a 15.9% maximum Annual Percentage Rate (APR) and a minimum APR of 4.00%. As of July 23, 2012 the APR was 4.25%.