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Home Equity Loans
Unlock the equity in your home with a Home Equity Line of Credit (HELOC). A home loan allows you to use the cash for anything you wish – a dream vacation, tuition, home improvements, a new car, or pay off high interest debt*. Doesn't it make sense to do business with a local New Mexico Bank? When you have a Personal or Commerical account with us you can view your loan details through our Online Banking features. Century Bank We Bring Local to Life!
Our Home Equity Line of Credit features:
- Rates as low as 5.00% APR**
- $50 annual fee
- Interest only payments for the first ten years
- Interest payments may be tax deductible (consult your tax advisor)
- Quick approval
- Local underwriting
- In-house processing
- Great personal service
Visit any one of our branches to get an application.
*Offer of credit is subject to credit approval.
**The variable Annual Percentage Rate (APR) is PRIME plus 1.50% to PRIME plus 2.0% with a minimum rate of 5.00% on primary residences with a combined loan to value (CLTV) ratio of up to 75%. Rate is subject to change based on borrower's credit qualifications. Variable APR is based on the US PRIME RATE (3.25% as of 06/01/11). Minimum rate is 5.00% APR. Maximum rate is 18.00% APR. Rates shown include .25% discount for automatic payment from a Century Bank checking account. Without automatic payments, the rate will increase by .25%. Century Bank pays for flood certification, recording and title search fees. Borrower pays cost of appraisal fee. Title insurance for credit lines of $100,000 and over and costs associated with removing encumbrances on the property. Interest-only payment option available only for the first 10 years of the loan. Property insurance required. Rates subject to change after consummation.
First payment stream of Interest-only payment option and line draw period will extend for 120 months (10 years) following the opening date of the line. After the 120 month draw period expires, you will no longer be able to obtain credit advances and the interest only payment option will end. If there is a principal balance at the end of the 10th year, then automatically, the second payment stream repayment period will begin. The length of the second payment stream repayment period is as follows: 180 month (15 years) principal and interest amortization to begin at the end of the 120 month draw period.
For a sample transaction of $100,000 HELOC (Home Equity Line of Credit), with no clouded title vesting issues, the estimated cost that would apply would be $0 to $600.
The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consumers should consult a tax advisor for further information regarding the deductibility of interest and charges.
Further restrictions may apply. Visit any one of our branches for more details.