Compare Home Equity Loans & Lines

  Home Equity Loan Home Equity Reserve Line of Credit

Description

A Home Equity Loan1 is an installment loan with a fixed rate and term. It is a great choice if you want set payments and need money for a one-time expense. A home equity loan is great for debt consolidation and large expenses.

An Equity Reserve is a line of credit2 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.

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 annual percentage rate over the term of the loan.

Line of Credit - variable annual percentage rate.

You may also select a fixed rate with a special loan rate lock feature. You can lock in up to three loan segments within your approved credit limit at a fixed rate and fixed term. No additional approvals are necessary.

Relationship

Discount

A .25% discount is available when payments are automatically deducted from your Sandy Spring Bank checking or savings account.

A .25% discount is available when payments are automatically deducted from your Sandy Spring Bank checking or savings account.

Term

Terms available from 5 to 20 years

Line of Credit portion

– 10 year draw period

– 30 year repayment period

Fixed rate option terms vary.

Minimum Loan Amount

No Minimum

No Minimum

Maximum Loan Amount

No Maximum

No Maximum

Maximum Loan To Value

85%3

85%3

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

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

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.

  • Disclosure

    1 Annual Percentage Rate (APR) of 4.74% as of 07/02/2018. Rate quoted is for 1-4 family, owner-occupied residence. Rate assumes a 0.25% discount for automatic debit from an 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 $18.75.

    2 Closing costs are 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 $1,400 for credit loans/lines of $50,000.

    3 Introductory rate of 3.49% 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 5.25% APR to 9.50% 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 10/15/2018. 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.

    4 Closing costs are not waived for purchase transactions.