GNB is offering a Home Equity Line of Credit Special from March 1 -May 31, 2019:
NO CLOSING COSTS
NO ANNUAL FEE
Receive a set of 4 GNB glasses when you open your HELOC!
What is a Home Equity Line of Credit (HELOC)? A HELOC allows you to borrow against the available equity in your home by using your house as collateral for the loan. A HELOC functions much like a credit card— it’s a revolving loan. You can borrow any dollar amount up to your credit limit, then pay all or part of your balance back.
What are some benefits of opening a HELOC?
- Funds available when needed without having to go through an application process every time they want to borrow money
- Flexible payment option—customer is only billed for interest during the draw period (first 10 years)
- The interest may be tax deductible (consult tax advisor)
- Source of emergency cash
What are some popular uses of a HELOC?
- Home improvements
- Education expense
- Payoff high interest debt
How do I access my HELOC?
- By writing a check drawn on the HELOC account
- Internet Banking transfer
- Phone transfer
- Request a draw in person from a teller
Why choose Greenville National Bank for your HELOC?
- NO ANNUAL FEE (some banks charge an annual fee of $50 or more)
- NO CLOSING COSTS
- Variable interest rate at a low competitive rate
Frequently asked questions…
What is equity? Equity is the difference between what your house is worth and what you owe. For example, if your house is worth $100,000, and you owe $70,000, you have $30,000 in equity.
How much can I borrow? The bank will order an appraisal to determine the value of the property that is being mortgaged. The maximum LTV is 90% of the appraised value, less any balance owed on an existing mortgage, if applicable.
How is my payment calculated? HELOC’s have a 20-year term. This first 10 years is considered the “draw” period. During this time, you will be billed for interest only (also known as a finance charge). You can choose to make principal payments to reduce your balance, but will only be billed for interest during your draw period. At the end of the draw period a monthly principal and interest payment of 1.50% of the current balance will be required.
*No Annual Fee. Standard closing fee of $210.00 waived. Stop payment fee of $20.00. APR as low as 5.50% - variable rate can change monthly based on an index (Wall Street Journal Prime) plus 2.00 margin (your rate and margin may be different based on credit score and appraisal.) Maximum APR of 21.00% You must carry property insurance.