Menu Login

Online Banking Login

Business BillPay Login

Home Equity Line of Credit

Use the equity in your home to finance that home remodel, vacation, or anything that fits your needs with a line of credit.

Account Details

  • Collateral: 1st or 2nd lien on primary residences
  • Monthly interest payments based on what you borrow*
  • 10 year draw period (term)
  • $60 annual fee waived the first year
  • Advance funds through checks, telephone, or online banking

Rate Details

 LTV (Loan to Value) Amount APR (Annual Percentage Rate) Variable Interest Rate Fees
Up to 80% $10,000 to $250,000 5.75% WSJ Prime + 0.25% **

Please contact us at (707) 462-6613 or email at inquiries@savingsbank.com for information regarding line amounts over $250,000.

Disclosures

Interest Rate
Rates shown are effective as of 02/01/2019 and are subject to change without notice. The disclosed APRs are variable and based on the Wall Street Journal Prime Rate (the “Index”) plus a margin (spread). APR may vary and may increase if the index changes. Minimum APR: 4.50% Maximum APR: 17%

Credit Approval
Loans are subject to credit approval.

Insurance requirement
Property insurance required; flood insurance is also required if the property is in a special flood hazard area.

*A Balloon Payment may be due at the end of the 10 year draw period for the remaining balance if only minimum payments are made.

** Savings Bank of Mendocino County will pay up to $519 in closing costs. Should the actual third party fees exceed this amount, you will be required to pay the remaining portion. In addition, if you pay-off and close your Home Equity Line of Credit within 36 months of the credit agreement date, you will pay an Early Closure Fee to reimburse us for third-party fees Savings Bank of Mendocino County paid on your behalf.

As of 1/1/2018, the State of California has imposed a new recording fee for real estate secured transactions. The fee is $75 per recorded document, not to exceed $225. The fee is paid to the County Recorder and will be placed into an affordable housing fund by the state. The fee will not be paid by the Bank.

 Non-Owner Occupied - APR is increased by 1.00% within a min APR of 6.50% and a max APR of 17%. Maximum loan to value on property not to exceed 70%. Term is 60 months with an annual fee of $75. Borrower will pay $450 loan doc fee and is responsible for all third party fees.

NMLS# 472412