A Home Equity Line of Credit can be used to consolidate your higher interest rate debt from multiple credit cards or personal installment loans into a single loan with the added benefit of consolidating those payments into one single monthly payment.
A Home Equity Line of Credit is an excellent way to consolidate your higher interest rate debt and turn those bills into one loan which may reduce your monthly payments, which can help make budgeting more manageable. Use the debt consolidation calculator below and enter information about the debts that you would like to pay off and consolidate. The calculator will help you determine if consolidating your debts with a Fremont Bank Home Equity Line of Credit is right for you. Debts to consider consolidating include credit cards, auto, medical debt, personal loans and more.
Credit Card Debt
Enter information on each credit card you intend to consolidate with the home equity line of credit.
+ Add New Credit Card Debt
Enter information on all existing loans, such as an auto loan, that you intend to consolidate with the home equity line of credit.
+ Add New Installment Loan
Note: Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide financial advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Contact a Fremont Bank loan officer to explore your home lending options, ask questions, or get started on an application.
All home loan programs are subject to credit qualification, income verification, and collateral evaluation. Additional restrictions, limitations and exclusions may apply. Property insurance, may include flood insurance, required. Home Equity Line of Credit features variable rates based on the Prime Rate published each day in The Wall Street Journal Money Rates Table (the "Index"), plus a margin. The APR can change monthly, but will not vary above 18% APR, or below 3.99% APR for 1-4 family owner-occupied/second homes. For non-owner occupied 1-4 family homes the APR will not go below 5.99%. The index as of the last date changed on 10/31/2019 is 4.75%. As of 10/31/2019, the variable rate for home equity credit lines of $20,000-$250,000, with a combined-loan-to-value ratio (CLTV) up to 75% range from 4.625% APR to 5.25% APR on an owner-occupied 1-4 family residence and from 6.00% APR to 6.25% APR on non-owner occupied 1-4 family homes. APR includes a 0.50% interest rate discount for maintaining automatic loan payments (ALP) from a Fremont Bank personal checking account. ALP discount only applicable as long as automatic payments are set up from a Fremont Bank personal checking account. Only one ALP discount per home equity line of credit will apply. The removal of any discount will increase the rate. Higher rates may apply for credit limits below $20,000 or above $250,000, and/or lien position. Rates are subject to change without notice.
We may reduce or suspend your credit limit if any of the conditions that existed at the time your HELOC was opened change significantly, such as the value of your home declines, we reasonably believe you may no longer be able meet the repayment terms; or you default on a material provision of your HELOC agreement.
* Choosing a minimum interest-only payment will not repay the principal that is outstanding on your line. Your monthly payment may increase, possibly substantially, once your credit line transitions into the repayment period.
No Closing Cost Loans are subject to terms and conditions of Fremont Bank's Application Fee Agreement, which lists the specific costs and fees the borrower will not pay. An Application Fee may be required after a loan application is submitted, which will be refunded as a credit on your closing statement. Borrower is responsible for paying all fees and charges imposed by brokers or an existing third party lender (for example, payoff demand statement fee and/or a reconveyance fee) as well as any prepayment penalty imposed by any third party lender or Fremont Bank. Loans with lower nominal interest rates may be available to borrowers willing to pay points and fees. A $95 Set-Up Charge is due at account opening. You may also be required to pay certain fees to open this credit line. These fees generally total between $0 and $900. The $75 Annual Fee is waived for the first three years. After the third (3rd) year, during the Draw Period, you will be required to pay an Annual Fee of $75.00 for each year the account is open, whether it is used or not. As long as the account is open, you will be billed for the Annual Fee for each succeeding year on the monthly billing statement prepared in the same month as the monthly your account was opened. The Annual Fee will not be refunded in whole or in part and will be owed to the bank once it is posted to your account, even if the account is subsequently changed, frozen, closed or terminated for any reason. For credit lines of $25,000 and higher, if you terminate your HELOC account within 36 months of opening it, you will be required to pay an early closure fee of $500 plus any reconveyance and recording fees Fremont Bank paid on your behalf.
Consult your tax advisor regarding the deductibility of interest and charges.