Home Equity Loans

Residential Second Mortgage Loan
Definition A low rate loan structured by recapturing equity from the home. 
Features: 1) Competitive interest rate

2) Payments can be made by auto deduction, payment book, or monthly billing statement.

3) Low closing cost (no origination fee)

4) If first mortgage is held by FNB, there are no closing costs

5) Local decision making

6) Tax deductible interest 

Equity Plus
Definition A revolving line of credit made available for individuals who have established excellent credit history habits and have equity in their home.
Interest Rate on 80% -100% LTV  Prime Rate as quoted in the Wall Street Journal adjusts daily plus 3% ( Certain restrictions may apply)
Annual Fee $50 (waived for first year)
Repayment  $50 or 2% of balance, whichever is greater
Minimum Loan Amount $1000
Minimum Draw per Transaction  $100
Features:  1) Alternative to credit cards 

2) Access to line by convenience checks 

3) Annual fee waived for 1st year

4) Customer pays interest only on the outstanding balance.

5) Convenient low monthly payments

6) Prepayments can be made without penalty at any time

7) 25 free checks

8) Account can be used for whatever the customer chooses

9) Interest may be tax deductible. Check with your tax advisor.

 






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