Home Equity Line of Credit
Home Equity Line of Credit Rules
- Homeowners' insurance required
- Subject to credit approval
- Rate varies monthly
- Line of credit granted for 15-year period
- Owner-occupied residential properties.
- Loans up to 80% of the property value (less first mortgage).
- Loan amounts limited to $225,000.000 line of credit.
- Minimum loan amount $5,000.00.
Home Equity Line of Credit Costs
- Property insurance required.
- No application fee.
- If disbursement is used to pay off a mortgage, the cost of delivery will be charged: $10.00 to $25.00.
Rates may change at any time.
All loans subject to credit approval.
Download all necessary forms as a package or individually via the links below.
Please print out the following documents:
- Notice of Homeowners Insurance - Review information
- Notice of Your Billing Rights - Review information
- CFPB HELOC Information Booklet
Please print out, read and complete each form listed below carefully and sign where necessary. All forms must be completed in full and returned for an application to be considered filed.
- Home Equity Loan Application - Complete in full and sign.
- Borrower Identification Form - Complete in full.
- Co-Borrower Identification Form - Complete in full.
- Borrower's Authorization Form - Review and sign.
- Home Equity Line of Credit Disclosure - Review and sign.
- Affiliated Business Arrangement Disclosure - Review and sign.
- Notice of Right to Attorney & Tax Information - Review and sign.
- Servicing Disclosure Statement - Review and retain one copy.
- Right to Cancel Notice - Review and sign.
- Form 4506-T (Request for Transcript of Tax Return) - Complete in full and sign.
Along with the above documents please submit:
- TWO MOST RECENT W-2(s), Earnings statement(s) and/or Tax Returns.
- Self-Employed Borrowers THREE YEARS Business and Personal Tax Returns
- TWO MOST RECENT Pay Stub(s)/statement(s)
- Self-Employed Borrowers MOST RECENT financial statements.
- Homeowners Insurance Policy Declaration Pages.
- Evidence of Flood Insurance (For properties located in a flood hazard zone).
- MOST RECENT Property Tax Bill or Statement.
PLEASE NOTE: You will need to have Adobe Acrobat Reader to print out the above documents. If you do not have it installed, you may obtain it free by clicking here.
The maximum loan is $175,000.00.
This home equity loan and your first mortgage balance cannot exceed 80% of the value of your home.
Our primary lending area is South Jersey. Loans outside this lending area will be considered on a case-by-case basis. All settlements are held at the main office of the bank, 201 White Horse Pike, Haddon Heights, NJ.
Home Line of Credit Rates
Monthly Federal Cost of Funds** + 2.25%
Currently: 4.530% APR*
10.530% maximum APR*
*APR=Annual Percentage Rate
*Payments do not include amounts for taxes and insurance premiums, if applicable, and that the actual payment will be greater (i.e. escrowed items).
**More information on the Federal Cost of Index can be found at: www.freddiemac.com/news/finance/cofindex.htm