Home Equity Lines of Credit
Harrington Bank’s Home Equity Line of Credit offers you convenient access to credit when you need it. It is an excellent choice to finance home improvements, consolidate debt, purchase vehicles, finance education expenses or pay for unexpected expenses.
The line of credit allows you to borrow a portion of the equity in your home. It is a variable rate revolving line and as principal is repaid, it may be borrowed again. The line has a ten year draw period and the interest rate is tied to the Harrington Bank Prime Rate plus a margin.
Access to your line is as easy as writing a check from your account up to the approved credit limit. You may borrow, repay, and re-borrow as often as you need. The interest you pay may be tax deductible (please consult your tax advisor). Whether you are taking a vacation, remodeling your home, paying for education, buying a car, or just having fun, a Harrington Bank Home Equity Line of Credit is an excellent resource.
Home Equity Line of Credit Guidelines (these are guidelines only and subject to change based on your unique needs or situation):
- Your home equity line must be a minimum of $15,000
- Your line will have a ten year draw period
- A current appraisal may be required
- Interest only payments are due monthly
If you are interested in obtaining a home equity line of credit, this is the information we will need from you initially:
- Two years income verification with a current pay stub
- Property insurance information
- A copy of the promissory note for the first mortgage on the property
For more information or to set-up an appointment with one of our Loan Officers, please call your community branch or send an email to loa...@bankatharrington.com. (Email Security).
