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Sandy Spring Bank Home Equity Loan1

Apply Now for a Home Equity Loan

Sandy Spring Bank Home Equity Reserve Line of Credit2

Apply Now for a Home Equity Line of Credit

Description A Home Equity Loan is an installment loan with a fixed rate and term. It is a great choice if you want predictable payments and need money for one large expense now. A home equity loan is great for debt consolidation and large one time expenses. An Equity Reserve is a line of credit that you can draw on as needed up to your limit. It is great choice if you want access to funds now and ongoing. And, it is a perfect choice for home improvement, education, debt consolidation and for emergencies.
Key Features The Home Equity Loan comes with a fixed rate loan and equal monthly payments over a specific length of time for large one-time expenses. With an Equity Reserve Line of Credit, you have Access to available credit now and in the future without having to reapply.
Interest Rate A fixed rate with equal payments over a specific length of time. Choice of variable or fixed rate.
With a special loan lock-in feature, you can lock in up to three loan segments within your approved credit limit at a fixed rate and fixed term. The fixed rate is usually different from the variable rate. No additional paperwork or approvals are necessary.
Relationship Discount A .25% discount is available when payments are automatically deducted from your Sandy Spring Bank checking or savings account. Discounts are available for Lines greater than $50,000 and with auto payment from a Sandy Spring Bank checking account.
Term 5 to 20 years (varies by loan amount and your choice) Line of Credit portion
– 10 year draw period
– 30 year repayment period
Minimum Loan Amount No Minimum No Minimum
Maximum Loan Amount No Maximum No Maximum
Maximum Loan To Value 85% 85%
Payment Option Fixed payments of Principal and Interest. Additional payments can be made to pay down principal without penalty. Minimum payment during the draw period is interest only. During the repayment period, the minimum payment is 2% of the outstanding balance.
Collateral Primary Residence Primary Residence
Billing Coupon Book Monthly statement with one monthly payment encompassing all account activity
Closing Costs3 Waived3 Waived3,4
Annual Fee $0 $0
Access to Funds One time, lump sum By check, online transfer, or transfer by phone
Balance Transfer Fees N/A N/A
Tax Deductible May be tax deductible, consult your tax advisor May be tax deductible, consult your tax advisor
Overdraft Protection N/A Yes, linked to a Sandy Spring Bank checking Account

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 2.49% 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 3.75% APR to 8.25% 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 12/22/16. 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 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.

4 Closing costs are not waived for purchase transactions.