Home Equity Fixed Term Loan
With a Home Equity Loan, the amount you borrow is provided to you in one lump sum. This makes it easy to pay a large expense, such as a home renovation or addition, school tuition, or debt consolidation into one payment.
A Home Equity Loan has a fixed rate and term making it easy to budget your payments because they are the same every month.
Home Equity Line of Credit
A Home Equity Line of Credit gives you access to the money you need, only when you need it. You make no payments until you draw on your line of credit.
You will receive a competitive adjustable interest rate based on The Wall Street Journal Prime Rate.**
You have the choice to borrow any amount you want, and when to pay it back–all at once or over time. Convenient, interest-only payments may be made during the initial draw period (10-year limited draw period).
Best of all, there is no application fee for your Home Equity Line of Credit and we waive the annual fee for the first year.
****This account has a variable Annual Percentage Rate (APR) and is determined by The Wall Street Journal Prime Rate plus a margin of 2.75%. Because the Prime Rate may vary, your APR will go up or down if the Prime Rate changes. The Annual Percentage Rate (APR) is currently 9.00% as of 09/22/22. The maximum APR will be 18.00%. Your loan request is subject to credit approval. Talk to a Consumers National Bank representative for details and the latest rate. Lines of credit are available only on owner occupied homes. Property insurance is required and flood insurance may be required. There is a $50 annual fee, which is waived the first year. There is an early termination fee of 2% of the line amount or a maximum of $500.00, if the line is paid off and closed within the first 36 months. Interest only payment during initial draw period. Rates are subject to change.