Home Equity Lines And Loans

The equity you've built over the years provides you with a ready source of funds for any purpose. With your homes current equity and low rates from St. Mary's Bank, there's no better time to put the equity in your home to work for you. Buy a new car, make home improvements, consolidate debt or pay college tuition.

Apply for a St. Mary's Bank Home Equity Loan or Line of Credit.

Home Equity Loan
With a home equity loan, you borrow against the equity of your home - and receive the amount of your loan in one lump sum, the interest rate is fixed and amortized over 5, 10 or 15 year period and has no annual fee. See the chart below for product details.

Home Equity Line of Credit
With a home equity line of credit, you access the equity in your home with a flexible line of credit. Use what you need, when you need it. Have full access to your entire credit limit for up to 10 years. Interest is variable. See the chart below for product details.

Equity Loan Mortgage Alternative
With this loan, you are able to refinance your current mortgage the “easy way”. There are no up front or closing costs and the application process is faster and easier than a traditional mortgage refinance. Loan must be in first lien position. Other product details are available here.

Credit Life and Disability Insurance
Be sure you and your family are covered. Ask about Credit Life and Disability Insurance when you apply for a loan or click here for more information.

	Home Equity Line of Credit	Home Equity Loan
What is it?	It is a loan based on the equity in your home. You can make withdrawals as frequently as you like, up to your credit limit.	It is a loan based on the equity in your home. It is an installment loan where your interest rate and annual percentage rate (APR) will stay the same through the life of your loan.
Who is it for?	You want the flexibility to borrow what you need, when you need it.	You want the same monthly payment for the entire loan period.
Interest Rate	Variable Interest The Interest and Annual Percentage Rate (APR) can move on par with the Prime Rate published in the Wall Street Journal Only pay interest on the portion of the line you use Interest may be tax deductible*	Fixed interest Fixed annual percentage rate (APR) for the life of the loan Interest may be tax deductible*
Access to Funds	Accessing funds is as simple as writing a check.	Receive entire loan amount at account opening.
Payment Options	Flexible interest only, or principal plus interest payment options available. Monthly statement	Coupon book or automatic payment from checking or savings account.
Maximum Term	10 year draw period followed by additional 5 year repayment option.	Up to 180 months
Closing Costs	No Closing Costs	No Closing Costs
Annual Fee	$50 annual fee waived with Automatic Funds Transfer from a St. Mary's Bank Checking account	None
Interest rate discounts	None	Available with Automatic Funds Transfer (AFT) from a St. Mary's Bank checking account.
Tax Deductibility	Interest may be tax deductible, please consult your tax advisor.	Interest may be tax deductible, please consult your tax advisor.

*Consult your tax advisor regarding the deductibility of interest.