Home Equity Loans
Use the equity in your home to make home improvements, pay college tuition, consolidate your debts, go on a dream vacation, or purchase a new car. Whatever your need, our Personal Bankers can help you select the best Sandy Spring home equity product to meet your borrowing needs.
Home Equity Loan
A Home Equity Loan 1 is a fixed term loan secured by your primary residence designed to help with one time needs, such as a home renovation, debt consolidation, or any other major purchase. Benefits include:
- Minimal costs and fees 2
- Fixed monthly payments
- Terms up to 20 years
- A .25% discount is available when payments are automatically deducted from your Sandy Spring Bank checking or savings account.
Equity Reserve Line of Credit
A Sandy Spring Bank Home-Equity Reserve Line of Credit3 is flexible with great rates and allows you to borrow funds at any time, up to your available credit limit. Secured by your primary residence, it’s great for home improvements, tuition or education costs, or unplanned expenses. Benefits include:
- Convenient and easy access to available funds
- Lower interest rates than many other types of credit
- No origination or annual fees 3
- 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
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 Annual Percentage Rate (APR) of 5.04% as of 11/04/2019. Rate quoted is for 1-4 family, owner-occupied residence. Rate assumes a 0.25% discount for automatic debit from a Sandy Spring Bank 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 $18.89.
2 To open an account, you must pay certain fees (closing costs) to third parties such as appraisers, credit reporting firms, and government agencies. These third party fees generally total between $540.00 and $1,400.00 for a $50,000 line of credit. Closing Cost Payment (Security Interest Charges). We will pay your closing costs, up to $5,000.00. You must pay any and all closing costs that exceed $5,000.00. You will reimburse us for ALL closing costs that we paid on your behalf to third parties if the Plan is terminated by you or us during its first 3 years. Upon request, we will provide you with an itemization of these closing costs.
3 Introductory rate of 3.25% 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 4.75% APR to 9.00% APR (Prime plus 4.25%) 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 11/04/2019. 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.