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Home Equity Lines of Credit

Home Equity Lines of Credit by Schuyler Savings Bank

A Home Equity Line of Credit is a revolving line of credit that provides you with a cash reserve to draw on whenever you need it. It provides you with the convenience to write a check to pay your credit card bills, purchase a car, pay for education expenses, or make home improvements. The available line of credit will be based on 60% of the appraised value.

  • Loan Term – 15 Years from the closing date
  • 1st Lien Position - Borrow up to $350,000 (Minimum Loan $10,000)
  • 2nd Lien Position – Borrow up to $350,000 aggregate (Minimum Loan $10,000)
  • 1 - 4 Family Home – Owner Occupied as Primary Residence in New Jersey
  • Home Owner’s Insurance Is Required
  • No Application Fee
  • Recording Fee Payable at Closing (based on property type)

This is a variable rate account. APR is subject to change. The interest paid may be tax deductible. Consult your tax advisor.

Rates

For rates and disclosures please click here.