Compare Home Equity Lines & Loans

  Home Equity Reserve Line of Credit » Home Equity Loan »

Description

An Equity Reserve is a line of credit1 that you can draw on as needed up to your limit. It is a 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.

A Home Equity Loan3 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.

Key Features

With an Equity Reserve Line of Credit, you have access to available credit now and in the future without having to reapply.

The Home Equity Loan comes with a fixed rate loan and equal monthly payments over a specific length of time.

Interest Rate

Line of Credit – variable interest rate. Once you establish a balance you may select a fixed rate with a special 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.

A fixed interest rate over the term of the loan.

Relationship
Discount

A 0.25% discount is available when payments are automatically deducted from your Sandy Spring Bank checking at loan origination.

A 0.25% discount is available when payments are automatically deducted from your Sandy Spring Bank checking at loan origination.

Term

10 year draw period with a 30 year repayment period.
Fixed term rate segments may vary.

Terms available from 5 to 20 years

Minimum Loan Amount

Home Equity Reserve Line of Credit
$20,000

No Minimum

Maximum Loan Amount

$700,000

$1,000,000

Maximum Loan To Value

80%

80%

Payment Option

Minimum payment during the draw period is interest only. During the repayment period, the minimum payment is 2% of the outstanding balance.

Fixed payments of Principal and Interest. Additional payments can be made to pay down principal without penalty.

Collateral

Primary Residence

Primary Residence

Billing

Monthly statement with one monthly payment

Monthly statement with one monthly payment

Closing Costs

Most are waived2

Most are waived4

Annual Fee

$0

$0

Access to Funds

By check, online transfer, or transfer by phone

One time, lump sum

Balance Transfer Fees

N/A

N/A

Overdraft Protection

Yes, linked to a Sandy Spring Bank checking Account

N/A

Apply Now

Our Fair Lending Policy Statement is available to view online.

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 4/20/2020. Currently standard rates range from 3.25% to 7.50% APR (Prime plus 4.25%) 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 costs are not waived for purchase transactions.

    Home Equity Loan
    3Annual Percentage Rate (APR) of 5.04% as of 4/20/2020. Rate quoted is for 1-4 family, owner-occupied residence. Rate assumes a 0.25% discount for automatic debit from a Sandy Spring Bank checking account on a loan of $20,000 or more with LTV of 70% or less and a 1-to 5-year term. Monthly payment per $1,000 borrowed for 5 years is $18.89.

    4To 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 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 3 years.