Compare Home Equity Lines & Loans

A Home Equity Line of Credit (HELOC) is a line of credit secured against the equity in your home. This allows you to access your funds whenever you need them, with a 10 year draw period and 30 year repayment. HELOCs are a great choice if you don't need the entire amount at once, like an ongoing home renovation project.

A Home Equity Loan is an installment loan (5-20 year repayment period) secured against the equity in your home. The entire amount is paid out at closing, so it is a smart choice for debt consolidation or a major one-time expense.

Information

Home Equity Reserve Line of Credit(HELOC) »

Home Equity Loan »

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Interest Rate Variable with a Lock Option.1 Fixed.
Discounts A 0.25% discount is available when payments are automatically deducted from your Sandy Spring Bank checking account at loan origination. A 0.25% discount is available when payments are automatically deducted from your Sandy Spring Bank checking account at loan origination.

Access to Funds

Available at any time during the draw period by check, online transfer, branch visit or transfer by phone.

One-time lump sum at closing.

Closing Costs Most are waived.2 Most are waived.3
Annual Fees $0 $0
  • Disclosure

    View our Fair Lending Policy statement. »

    Loan programs 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 adviser regarding tax deductibility. Adequate property insurance required.

    1You can lock in a portion of your outstanding balance to a fixed rate, fixed term loan. As you pay off your term loan, that amount will become available to you again on your Line of Credit. Rate for the term loan will be determined at time of lock request.

    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 three years. Upon request, we will provide you with an itemization of these closing cost. Closing cost are not waived for purchase transactions.

    3To 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 $1,400.00 for a $50,000 loan. We will pay all closing costs on your behalf at closing WITH THE EXCEPTION OF ANY APPLICABLE TRANSFER TAXES AT CLOSING. You will reimburse us for all closing costs that we paid on your behalf to third parties if the loan is terminated (by you or us) during its first three years.