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Equity Select 
| Enjoy easy access to a variable line of credit with the flexibility of fixed rate payment options. With Evans National Bank’s Equity Select1 you can use the equity in your home to consolidate higher rate bills, finance a major purchase, or renovate your home. Best of all, Equity Select allows you to choose your repayment option – variable or fixed rate2! Plus, Equity Select makes borrowing as easy as writing a check. Benefits: - No conversion fee to change from variable to fixed rate options2.
- Borrow up to 85-percent of the available equity in your home.
- Minimum advance only $500, minimum loan amount just $15,000.
- Lock in the security of up to four fixed rate loans within the line of credit at any one time.
- No minimum draw/advance at closing.
- One monthly statement and one payment for account activity.
- No closing costs or application fee!
- Appraisal, filing, search update, title insurance and attorney fees paid by Evans National Bank.
- Discounted rates available for auto-charge and relationship accounts.
- No annual fee on lines under $150,000.
- Interest may be tax deductible3.
Check Rates!
1 Your loan is secured by a mortgage on your home, home owner’s and flood insurance if necessary is required. If your loan is paid and your home equity mortgage is discharged within four years of origination, closing costs must be returned to the bank.2 Variable Rate Option: Repayment terms of interest only for 5 years (may be extended) followed by a 15 year repayment term, principal and interest payable monthly. The variable Annual Percentage Rate (APR) rate ranges from Prime plus .95% to Prime minus 1.00% depending on line amount. Prime equals the highest rate identified by the Wall Street Journal as the Prime Rate is its table listed “Money Rates” as of the monthly determination date in the agreement. This rate may vary weekly. Fixed Rate Option: The rate is fixed for the life of the loan at the time of closing. The Annual Percentage Rate (APR) is based on the 3-Year Treasury Bill rate and a margin. 3 Consult a tax advisor regarding the deductibility of interest. Other rates and terms available! |
Fixed Rate Home Equity Loan
 | Evans National Bank's Fixed Rate Home Equity Loan gives you a fixed rate with the flexibility to choose how and when you use the funds. This loan is secured by your primary residence. The interest you pay on the loan may be tax deductible.* You do not have to use the loan all at once. You establish the total loan amount based on the equity in your home. With one mortgage filing, you borrow only the amount you need today. You can obtain multiple installments, all secured by one mortgage filing. Future requests for funds can be as simple as a phone call with the initial signing within 24 hours. Receive a separate coupon book with a fixed payment for each additional draw on the loan. There are no closing costs** and no annual fee ***. Since the loan is secured by a mortgage on your home, property insurance is required. If your home equity mortgage is discharged within four years of origination, closing costs** must be returned to the bank. Check Rates! * Consult a tax advisor regarding deductibility of interest.
** Prime equals the highest rate identified by the Wall Street Journal as the Prime Rate in its table entitled “Money Rates” as of the monthly determination date in the agreement. The maximum Annual Percentage Rate will not exceed 16.90%. Your line is secured by a mortgage on your home and property insurance is required. If your line of credit is paid and your home equity mortgage is discharged within four years of origination, closing costs must be returned to the bank.
*** $99 Annual fee on lines of $150,000 to $250,000. |
