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 coming up, then a Home Equity Loan may be the answer.
A Home Equity loan is a 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. Calculate your home loan payment.
Affordable rates and cash at closing.
- Minimal costs and fees.1
- Set monthly payments that help you budget.
- Fixed interest rate to provide peace of mind.
- Terms up to 20 years for lower payments.
- A 0.25% interest rate discount with automatic payments set up from a Sandy Spring Bank checking account at loan origination.
4 Reasons to Use Home Equity loans or lines of credit.*
- Home additions and improvements.
- Debt consolidation.
- Adoption.
- Education costs.
Compare the differences between a home equity line of credit and home equity loan.
Frequently Asked Questions (FAQs)
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Question
What are the differences between a home equity loan and a home equity line of credit (HELOC)?
AnswerDetermining whether a home equity loan or a HELOC is the better option for you depends on your needs and repayment goals. A home equity line of credit provides ongoing access to funds with flexible repayment options. A home equity loan provides a one-time disbursement of funds at a fixed rate.
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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 5-20 year repayment period.
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Question
Are there home equity loan closing costs or other fees?
AnswerThere are no annual fees and most closing costs are waived with home equity loans.
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Question
Are any discounts available with home equity loans?
AnswerA 0.25% discount for home equity loans is available when payments are automatically deducted from your Sandy Spring Bank checking account at loan origination.1
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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 on interest 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.