Buying a new car, making a home addition, or installing a swimming pool? S&C Bank is able to help find the best way to finance any of these or any other needs you have.
Before just giving you a loan, your loan officer will take a look at your entire financial picture and work with you to find a product that meets your financial needs most effectively and keeps your payments and interest rates as low as possible. It may be that second mortgage or a home equity line of credit gives you the most benefit, or a standard purchase loan may make the most sense for your situation.
Home Equity Loans
Putting the equity in your home to use has become a very popular loan option for many of our customers. They work well as a way to pay for large expenses such as cars, home improvements, college expenses, and debt consolidations. Depending on your situation and goals, one type of home equity loan may work better for you. Here are brief descriptions of our home equity loans to help you choose. We also would love to help you choose the best loan for you after a brief consultation. A big advantage of home equity loan is that, like your mortgage, the interest may be tax deductible. Of course, you should always confirm that tax deduction with your tax preparer.
A home equity line of credit is a loan that you can use much like a credit card. You only pay interest on the portion of the line that you have borrowed. As you pay your loan balance down, that amount becomes available for you to borrow again. If you have a zero balance there is no payment due. The home equity line also features the ability to make an interest only payment. This lowers your monthly payment and frees up more of your cash for other things. At the end of the term of the home equity loan (usually five years) you can pay off the balance, or renew the loan with a new application. At that point, it may also make sense for you to consider a refinance of your first mortgage.
S&C Bank currently offers two versions of the home equity loan. One has a variable rate that moves with the prime rate over time. The other is a line that has a fixed rate for the whole term. With the fixed rate loan, you don’t have to worry about interest rate increases (and therefore payment increases) over the life of the loan.
Your interest rate is based on the available equity in your home, your credit history, debt to income ratio, and the type of home equity line you choose. For example, an interest only payment on a $25,000 line of credit with an APR of 8.25% would be $175. A $25 annual fee will apply after the first year. Third party closing costs can range from $0 to $600. Owner must provide property insurance. A balloon payment may result.
A Home Equity Loan is a fixed rate, fixed payment loan (similar to a car loan). As you pay off the loan over time, you do not have access to borrow that money again. S&C Bank offers home equity loans in different terms and payment schedules depending on your situation.
Cars/RV/Other personal loans
S&C Bank offers loans for new and used cars, recreational vehicles, boats and other personal uses. Please visit with a loan officer at a location near you to find a loan that meets your needs.
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