Home Equity Loans & Lines of Credit

Take advantage of the equity you’ve built to finance a major purchase or to consolidate debt with a home equity loan or line of credit. With a home equity loan, you’ll have a competitive rate and predictable payments, great for a major purchase. A home equity line of credit gives you a variable rate and lets you access funds when you need to. Talk to your experienced, local TowneBank banker to decide if a home equity line of credit or home equity loan fits your needs.

Subject to credit approval. Property insurance required. TowneBank NMLS# 512138

* 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. Floor rate applies.

^ If the borrower closes the line of credit within the first 24 months of opening, the bank will add any closing costs paid on the borrower's behalf to the outstanding balance for our reimbursement. Total closing costs generally range from $525 - $1,750.

This offer is available only on owner-occupied or secondary single-family residential real property in cities and counties served by TowneBank offices in Virginia and 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.

**The LineLock feature is available to all equity line of credit (“Credit Line”) borrowers in products that are not rate-tiered. Any portion locked in to a Fixed Rate Advance will enjoy the fixed rate established at the time of conversion for the requested duration of the LineLock. Fixed Rate Advances may include credit line draws made in the thirty calendar days prior to a LineLock request. LineLocks are not available during any period when the Credit Line is placed in stop-draw status, and cannot exceed the maturity date of the Credit Line.

Rate Determination. The fixed rate will be determined as follows: the Annual Percentage Rate (APR) for a Fixed Rate Advance will be the highest prime rate published in the Wall Street Journal that is in effect on the date of conversion plus or minus a margin between 0% and 5% added to the value of the index. The maximum APR on a Fixed Rate Advance will never exceed 16% or the maximum allowed by law, whichever is less. Periodically, a special Fixed Rate Advance introductory rate may be offered to apply to any Fixed Rate Advance that meets the criteria for the promotional offer. Such an introductory rate will be based on the above index plus or minus a margin set by the Bank. You should contact a TowneBank branch office for the APR currently in effect.

Complete Election Form. In order to exercise the option to convert to a fixed APR, you must sign and return to us an Equity Line of Credit Conversion Election Form (“Election Form”). The Election Form will set forth the principal amount, fixed APR, term (in months), the number of monthly payments and the amount of each monthly payment applicable to the Fixed Rate Advance.

Minimum Monthly Payments. At the time you exercise the option to convert to a fixed APR, we will determine a minimum monthly payment applicable to that Fixed Rate Advance in equal monthly installments of principal and interest over the term of the Fixed Rate Advance. If you have more than one Fixed Rate Advance outstanding, you will have to make minimum monthly payments with respect to each Fixed Rate Advance. The minimum monthly payments due with respect to Fixed Rate Advances will be in addition to the Minimum Payment due with respect to any balance under your Credit Line subject to a variable APR.

Interest Rate Risk Notification. Each LineLock will receive a fixed APR for a specified term as designated on your signed Election Form. Outstanding Credit Line balances that are not fixed under a LineLock have a variable APR. Due to fluctuating market conditions, it is possible that the variable APR on your Credit Line may be less at certain times than the fixed APR on your LineLock(s). It is possible to convert LineLock advances back to revolving interest-only balances at any time without a fee.