Home Equity

 

1.99% APR1

12 Month Introductory Rate

3.25% APR

Regular Variable Rate

No closing costs2 • Freedom to lock-in up to three loans within your account

Easy.  With the Freedom Home Line, you can borrow a master line of credit anywhere from $20,000 and above depending on the equity in your home. You can borrow up to 85% of the value of your home.

Convenient. With the Freedom Home Line, you have the convenience of banking on your terms. Say you want to purchase a new car. Instead of applying for a car loan, you can simply roll over the money needed from your Freedom Home Line into your checking account. Write a check or use your debit card to pay for the motorcycle in full and ride that baby home.

Flexible. With the Freedom Home Line, you have a few options you can use to make managing your household budget easier. Take the new car you just purchased. If you want to fix the car portion of your master line, you can! If you want to take 10 years to pay it back, you can! The Freedom Home Line allows you the option to lock in part or all of the line of credit’s outstanding balance at a fixed rate, for up to three sub-loans.

Contact Us to begin your application process today.

11.99% 12-month introductory rate is for the first twelve monthly billing cycles after closing and requires an automatic deduction from a WMSB deposit account. All lines require a minimum line of $20,000 with $10,000 new money to qualify for the promotional rate, maximum LTV (Loan to Value) is 85%. After the introductory rate period ends, the variable rate will be based on an index (The Wall Street Journal Prime rate as of the last day of the preceding month), currently 3.25% as of 4/30/13, and may vary monthly. Prime rate requires a credit score greater than or equal to 725 and includes a .25% discount for automatic deduction from a WMSB deposit account. Standard underwriting criteria apply. Other rates and terms available. The maximum APR is 18%. This offer may change without notice. There is a $50 fixed rate lock fee for each lock-in request. Lines are for personal, family and household purposes. Property insurance is required. Property must be main residence and located in the WMSB service area. All loans subject to credit approval.

2Title insurance and appraisal fees may apply and are not included in the Lender paid closing costs for loans over $100,000.

Home Equity Line of Credit

Do you need ongoing access to funds? Use the equity in your home to have a revolving line of credit. Apply once and use it over and over again.

  • Variable Rate as Low as 3.25% APR*
  • Borrow up to 85% of your home’s appraised value
  • Flexible
  • Easy access
  • 20-year term
    • 10-year draw period with interest only due monthly
    • 10-year repayment period with principal and interest due monthly
  • Credit life insurance available

Contact Us to begin your application process today.

*Subject to credit approval. Annual Percentage Rate (APR). The Fully Indexed Rate is currently 3.50% and 4.00% based on credit history – floor rate of 3.25% or 3.75% based on credit history. All lines require a minimum line of $5,000, and the maximum LTV is 85%. The variable rate will be based on an index (The Wall Street Journal Prime rate as of the last day of the preceding month), currently 3.25% APR as of 4-30-13. Prime rate plus .25% requires a credit score greater than or equal to 725.  Standard underwriting criteria apply. Other rates and terms available. The maximum APR is 18%. Rates are subject to change. Lines are for personal, family and household purposes – not for home purchases. Property insurance and flood insurance, if applicable, are required. Closing costs range from $383.00 to $1,430.60. Property must be located in the WMSB service area.  APR requires automatic payments from a West Milton State Bank deposit account. See your tax advisor on the tax deductibility of interest. 

Home Equity Loan

Are you looking for a one-time payout with predictable fixed payments?  Use the equity in your home to provide funds for debt consolidation, home improvements, college education, vacations and more.

  • Competitive fixed interest rates
  • .25% rate discount when payments are drafted from a WMSB checking account
  • Borrow up to 85% of your home’s appraised value
  • Credit life and disability insurance available

Rates are effective as of April 29, 2013.

Home Equity Loan

Based on a $10,000 loan

TERM INTEREST RATE ANNUAL PERCENTAGE RATE PAYMENT/$1,000.00
60 months 3.49% 3.762% $18.30
120 months 4.49% 4.633% $10.43
180 months 5.49% 5.596% $8.22
240 months 5.74% 5.826% $7.06

*Subject to credit approval. Rates apply to new loans up to a maximum 85% loan-to-value. Rates shown based on automatic payment from WMSB deposit account. Minimum loan amount is $10,000 for 60 month rate. Minimum loan amount is $5,000 for 120 and 180 month rates. Maximum loan amount is $100,000 for 240 month rate.  Property insurance and flood insurance, if applicable, are required. Rates are subject to change. See your tax advisor on the tax deductibility of interest.

Contact Us to begin your application process today.