Let the equity in your home work
for you! Use the equity in your home to make home improvements, pay
college tuition, repay your debts, go on a dream vacation, or
purchase a new car. Select Sandy Spring home equity loan or line
options to meet your borrowing needs:
Home Equity Loan 1
This is a fixed term loan designed to help with the cost of home
renovations, debt consolidation or any other major purchase. This
loan is secured by your primary residence. A .25% discount is
available when payments are automatically deducted from your Sandy
Spring Bank checking or savings account.
- Minimal costs and fees 3
- Fixed monthly payments
- Interest may be tax deductible - consult your tax advisor
- Terms up to 20 years available
Equity Reserve Line of Credit 2
A Sandy Spring Bank Home Equity Line of Credit is a flexible line
of credit with great rates that allows you to borrow funds at any
time up to your available credit limit. This loan is secured by
your primary residence. It's great for home
improvements, tuition or education costs, or unplanned expenses.
The equity in your home can be used to make large one-time
purchases, cover ongoing expenses, or provide a cash reserve for
- Convenient and easy access to available funds
- Lower interest rates than many other types of credit
- No origination or annual fees 3
- Interest that may be tax deductible - consult your tax
- Low, interest-only payments can make monthly payments more
affordable for qualified borrowers
- Overdraft protection, linked to your home equity line of
credit, helps to avoid overdraft fees
Equity Lines and Loans
Ready to Apply for a loan or line now?
Lending Policy Statement is available to view online.
Rates and Terms subject to change without notice. Other rates
and terms available. Adequate property insurance required. All
lines/loans subject to credit approval. Please consult your tax
advisor regarding tax deductibility.
1 APR of 4.74% as of 03/24/2014. Rate quoted is for 1-4 family,
owner-occupied residence. Rate assumes a ¼% discount for automatic
debit from an SSB checking account on a loan of $20,000 or more
with an LTV of 70% or less and a 1- to 5-year term. Monthly payment
per $1,000 borrowed for 5 years is $18.75.
2 Introductory rate of 2.99% APR applies to accounts signed up
for automatic payment from a Sandy Spring bank checking account. An
initial draw of at least $20,000 is required to activate the
introductory rate. After the 12-month introductory period the
Standard Rate applies. A current standard rate of 3.25% APR is
available to well qualified borrowers with an approved line of
$125,000 or more, a loan-to-value of 70% or less, and having
payments automatically deducted from a Sandy Spring Bank checking
account. Your APR may be higher and will be based on the current
variable rate index value, your credit qualifications, amount of
the line, loan-to-value, the property type and whether you elect
the automatic payment feature from a Sandy Spring Bank checking
account. APRs may vary every month based on changes in Prime.
"Prime" is the highest rate published in The Wall Street Journal's
"Money Rates" section on the first business day every month.
Minimum APR is 3.25%. Maximum APR is 24%. Rates quoted are for 1-4
family, owner occupied residences. Closing costs are not waived for
3 Closing costs waived except for Prince George's County
Transfer Tax, if applicable, as long as the loan/line is open for
at least three years. Closing costs range between $540 and $820 for
loans/credit lines of $50,000.