Home Equity Line of Credit

Man and woman looking at blue prints. Home Equity Lines Of Credit Sandy Spring Bank

You have a wish list of house projects to improve or expand your home. By using the equity in your home, you can update the kitchen, create an outdoor oasis, add more space or do whatever makes your house a home. Whatever your need, our bankers can help you select the best Sandy Spring home equity product to meet your borrowing needs.

Equity Reserve Line of Credit

A Sandy Spring Bank Home Equity Reserve Line of Credit1 is flexible with competitive 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 fees2
  • Interest-only payments can make monthly payments more affordable for qualified borrowers
  • The option to lock-in low rates
  • Overdraft protection, linked to your home equity line of credit, helps to avoid overdraft fees
  • Interest rate discount of 0.25% for automated payments set up from a Sandy Spring Bank checking account at loan origination.

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Loan program subject to change without notice and cancellation at any time. Actual qualification is subject to verification and approval of income, credit, property appraisal, and other factors. Additional fees, terms and conditions may apply. Other rates and terms are available. Please consult your tax advisor regarding tax deductibility.

  • Disclosure

    Home Equity Reserve Line of Credit

    1Standard Rates may vary and are based on changes in Prime the highest prime rate published in The Wall Streets Journal’s “Money Rates” section on the first business day of every month. Annual Percentage Rate (APR) as of 3/23/2023. Currently standard rates range from 8.24% to 14.74% APR (Prime plus 6.74%) and are based upon credit qualifications, loan-to-value ratio and approved credit limit. Maximum APR is 24%. Adequate property insurance is required. Rates quoted are for 1-4 family, owner-occupied residences.

    2To open an account, you must pay certain fees to third parties such as appraisers, credit reporting firms, and government agencies (closing costs). These third party fees generally total between $540.00 and $1,400 for a $50,000 line of credit. We will pay your closing costs, up to $5,000. You must pay any and all closing costs that exceed $5,000, including any applicable transfer taxes whether in part or in full. You will reimburse us for all closing costs that we paid on your behalf to third parties if the line is terminated (by you or us) during its first 3 years. Upon request, we will provide you with an itemization of these closing cost. Closing cost are not waived for purchase transactions.