With a HELOC, you can get credit for being a homeowner.
A Home Equity Line of Credit (HELOC) is a form of revolving credit that allows you to access cash based on the equity value in your home.
It works like a credit card in that you pay it back and can use it again over the life of the loan. The money can be used for whatever purpose you choose: home improvements or repairs, college tuition, vacations, debt consolidation or anything else you want.
Even better, at Torrington Savings Bank there are no closing costs, application fees or appraisal fees associated with our HELOCs. And we even offer the option to be able to tap into up to 100% of the value of your home.
Features of TSB Home Equity Line of Credit
- No Closing Costs
- No Application Fees
- No Appraisal Fee
- Adjustable interest rate of Prime Rate Minus 0.500%
- No Penalties on Early Principal Repayment
- Minimum loan amount $5,000
- Maximum loan amount $250,000
Home Equity Line of Credit
Effective Date: June 6, 2023
|Rate||Prime Rate as published in the Wall Street Journal -0.500% (HELOC rate currently 7.75%), subject to change|
|Payment||Minimum monthly payment will be based on interest due|
|Term||10 years draw period followed by a 15 year amortized repayment period|
Home Equity Line of Credit Details:
Annual fee after the 1st year is $35. Maximum LTV is 80%. Homeowners insurance is required; flood insurance may be required. Properties with underground fuel storage tanks are not eligible. Consult with your tax advisor to learn more about the potential for a tax deduction on the interest. Home Equity Lines are not eligible for remote closings. If your loan is approved, you will need to schedule a convenient time to sign the loan documents in a TSB branch.