Home Equity Line of Credit (HELOC)

 
Social distancing has us spending more time at home. This is a perfect time to tackle those home improvement projects we have been putting off for so long. With a Home Equity Line of Credit (HELOC) from First Fidelity Bank you can use the equity in your home to secure the funds you need to upgrade your kitchen, remodel a bathroom, plan a dream wedding, consolidate debt and much more.
  

A HELOC may be tied to a checking account to sweep funds or advance on your line of credit. Your HELOC advances in $100 increments. We will also provide you with checks to access your HELOC when and where you need it.

 

  • Borrow up to 80 % of equity in your home
  • Revolving line of credit
  • $10,000 minimum
  • Minimum payment is the greater of 1% of the balance, the interest accrued, or a minimum of $50
  • Checks are issued
  • Minimum interest rate of 4% APR
  • HELOC may be tied to a checking account with access by check, debit card, or ATM


 
Offer of credit is subject to credit approval.

 


HELOC vs. Home Equity Loan. What's the Difference?


HELOC Home Equity Loan
Uses
  • Ideal for multiple, convenient purchases or expenses over time
  • Remodeling, education, emergency fund, etc.
Uses
  • Ideal for one-time expenses
  • Remodeling, debt consolidation, retirement prep, vehicle purchase, etc.
Rate
  • Variable, based on Prime
Rate
  • Fixed (stays the same over the life of the loan)
Term
  • 5 Years
Term
  • Up to 10 Years
Amount
  • $10,000 minimum loan amount
  • Combined loan-to-value up to 80%
Amount
  • $10,000 minimum loan amount
  • Combined loan-to-value up to 80%
Limitations
  • Must be owner occupied
  • Residence or second residence
Limitations
  • Must be owner occupied
  • Residence or second residence
Costs
  • $100 documentation fee
  • Any 3rd party appraisal or loan costs
Costs
  • $100 documentation fee
  • Any 3rd party appraisal or loan costs

Disclosure:

A HELOC is a revolving line of credit.  The APR ranges from .25% to 1.25% as of March 1, 2021 and is based upon NYP. The APR offered is also based on the credit characteristics and Loan-To-Value (LTV). Loan amount must be $10,000 or greater.  The APR is variable and may change at any time with a minimum floor of 4% APR.  Current appraisal, property insurance required including flood insurance where applicable. A one-time $100 documentation fee applies. Loan amount may not exceed 80% of your home's value. The minimum payment is the greater of 1% of the balance, the interest accrued, or a minimum of $50.  Rates and Terms are subject to change without notice. All loans are subject to credit approval. Equal Housing Lender.