Be the hero who pays for the wedding or surprises that special someone with their dream trip, all thanks to the equity in your home. If you have a major expense, then a Home Equity Loan may be the answer.
A Home Equity loan is a fixed-rate, fixed-term loan secured by your primary residence designed to help with one-time needs, such as a trip, wedding, college tuition or debt consolidation.
- Minimal costs and fees.1
- Set monthly payments that help you budget.
- Fixed interest rate to provide peace of mind.
- Terms up to 30 years for lower payments.
- A 0.25% rate reduction is available when monthly payments are automatically deducted from your Sandy Spring Bank checking or savings account.
Frequently Asked Questions (FAQs)
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Question
How much can I borrow with a home equity loan?
AnswerWell qualified applicants may borrow up to $1,000,000 depending on the equity in their home, their credit rating and other factors. Loan qualification is subject to verification and approval of income, credit, property appraisal, and other factors.
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Question
How long are home equity loan terms?
AnswerHome equity loans have a 10-30 year repayment period.
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Question
Are there home equity loan closing costs or other fees?
AnswerThere are no annual fees. Closing costs are typically around 1.5% of the loan amount but this can vary by jurisdiction.1
Borrowers have the option to have the closing costs paid from the proceeds of the loan to avoid paying cash at settlement.
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Question
Are any discounts available with home equity loans?
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Question
Is interest paid on a home equity loan or a home equity line of credit (HELOC) deductible?
AnswerIt depends.
For tax years 2018 through 2025, if home equity loans or lines of credit secured by your main home or second home are used to buy, build, or substantially improve the residence, interest you pay on the borrowed funds is classified as home acquisition debt and may be deductible interest on your taxes, subject to certain dollar limitations. However, interest on the same debt used to pay personal living expenses, such as credit card debts, is not deductible. Please be sure to consult your tax adviser regarding your tax deductibility.