Great News Regarding Home Equity Credit Lines
Our Home Equity Credit Lines are designed with you in mind.
- Optional introductory fixed rate as low as 5.9% APR for 3 years.
- After 3 years the APR will vary and be based on the Wall Street Journal Prime Rate which was 3.25% as of 3-1-12. Your rate will never be lower than 4.5% APR nor higher than 20% APR.
- Ten-year loan – no renewals or reapplying for 10 years.
- Interest may be tax deductible – consult your tax advisor.
- Borrow up to 80% of your home’s value.
- Convenient and immediate access to your Home Equity Credit Line through ACCESS 24 ONLINE or by using your Home Equity checks.
- Interest-only payment option available. You may however have to make a balloon payment when your loan matures.
Now is the perfect time to transfer your existing Home Equity Credit Line or to open a new Home Equity Credit Line with Southern Commercial Bank.
Please call us to discuss which of our Access 24 Home Equity Credit Line options is right for you!
*Minimum loan amount is $10,000. Paying the minimum payment will result in a balloon payment at maturity. Property insurance is required.
