Home Equity Line of Credit
With our special home equity line, there’s no end to the smart, money-saving moves you can make. Pay off those high-rate credit cards, pay off your equity line at another bank, lower your monthly payment... you could save hundreds or even thousands of dollars!
- Closing costs paid on loans $25,000 - $200,000*
- Enjoy 1.99% Introductory Rate for twelve (12) months, 3.49% variable APR+ after introductory period ends
- Funds can be borrowed and repaid at your convenience
- Interest is tax deductible in most cases (consult your tax advisor)
Contact a hometown banker to get started.
TowneBank NMLS# 512138
*On new home equity lines of credit from $25,000 - $200,000, TowneBank will pay all closing costs, including a desktop appraisal. If you close your account within 36 months of opening, we will add any closing costs we paid on your behalf to your outstanding balance for our reimbursement. Total closing costs generally range from $525 - $1,750.
+For new home equity lines of credit with loan balances of $25,000 or greater, the introductory rate will be in effect for the first twelve (12) months after your account is opened. Upon expiration of the introductory rate, all balances will accrue interest at the Prime Rate + .24% (currently 3.49% APR). The rate is variable and the maximum Annual Percentage Rate (APR) is 16% or as applicable by law. The Prime Rate is a variable rate based on the Prime Rate published from time to time in the Wall Street Journal. As of March 1, 2015, the Prime Rate was 3.25%. Normal credit approval criteria apply. Property insurance is required. This offer is available only on owner-occupied or secondary single-family residential real property located in the Hampton Roads and Richmond areas of Virginia and Currituck and Dare Counties, North Carolina. TowneBank must obtain a valid first or second lien position on the collateral, and all owners of the collateral must sign the documents. Borrow up to 80% of the home’s value. Available equity depends on balance of other loans tied to the property. Offer subject to change without notice, and exclusions and limitations may apply. Please consult your tax advisor regarding the deductibility of interest. Offer concludes July 31, 2015.