Home Equity Line of Credit
Seneca Savings offers Home Equity Lines Of Credit
The Home Equity Line of Credit will be priced at Prime plus ZERO.
Customers are able to only use what they need, and pay interest only on the outstanding balance.
The closing costs (fees) are waived for lines up to $100,000 if line is maintained for three years. Closing costs over the $100,000 will be prorated.
Variable Rate. No annual fee. The maximum APR is 15%.
25 year term with a 10 year draw period with interest only payments. After the first ten years, the draw period will end and the outstanding balance will amortize over a 15 year term.
Example: Principal and Interest payment on $100,000 at 7.500% (7.500%APR) at remaining 15 year term would be $927.01.
If you know what you are looking for and are ready to apply, fill out this Home Equity Line of Credit Application. A dedicated Seneca Savings Team Member will follow up with you to complete the process. Questions and wanting direction? Reach out to us today and we’d be honored to build that bridge with you.