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 emergencies.
- 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 advisor
- 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
Compare Home Equity Lines and Loans
Ready to Apply for a loan or line now?
Our Fair 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 07/21/2014. 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 2.24% 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 a Standard Rate applies.** Standard Rates may vary and are based on changes in Prime, the highest rate published in The Wall Street Journal’s “Money Rates” section on the first business day of every month. Currently standard rates range from 3.50% APR to 8.00% APR (Prime plus 4.50%) and are based upon credit qualifications, loan-to-value ratio and approved credit limit. The featured Standard Rate is available to well qualified borrowers with an approved credit line of $125,000 or more, a loan-to-value ratio of 70% or less, and having monthly payments automatically deducted from a Sandy Spring Bank checking account. Maximum APR is 24%. Subject to credit approval. Other rates and terms are available. APR as of 4/1/16. Offer subject to change and cancellation without notice. Adequate property insurance is required. Rates quoted are for 1-4 family, owner-occupied residences. Closing costs are not waived for purchase transactions.
3 Closing costs are 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 credit loans/lines of $50,000.