Home Equity Lines
Tap into your home’s equity and get funds for renovations and more. It’s simple and convenient with a Home Equity Line of Credit.
A Home Equity Line of Credit (HELOC) is a great tool for unplanned expenses or consolidating high interest rate debt like credit cards or auto loans. It’s also ideal for financing a home remodel or repairs. Draw on the equity line now, or whenever you need it.
With a HELOC, you’re borrowing money from the available equity in your home. A home’s equity is typically defined as the difference between the home’s appraised value and the outstanding mortgage balance. Generally, you can borrow up to 80% of your home’s value less the amount you owe.
No Application Fee. No Closing Costs.1 No Set-Up Charge. No Annual Fee for the first year. Rate discount with automatic loan payments from a Fremont Bank personal checking account.
Take advantage of our special, introductory offer of 2.99% APR for the first nine months on our HELOC Interest-Only and HELOC 360 products.
Interest rates are generally lower than for other types of credit, like credit cards and auto loans.
Access available funds during the draw period with a check, transfer to your Fremont Bank checking account, or withdrawal at a branch.
Only make payments on the portion you use.
As you pay down the balance, the credit line amount becomes available for use again during the draw period.
A Home Equity Line of Credit can be used on primary residences, second homes and investment properties. Compare our options below.
Best for: Borrowers who want more flexibility and who want to minimize monthly payments in the short term
Convert your home’s equity into cash you can use today. Let our team help put your HELOC in motion.
Use your computer, smartphone or tablet from the comfort of your home.
Speak with a professional Loan Officer, who will help guide you through your application.
Find a Relationship Loan Officer in your area.
A loan representative can answer your questions and take your application.
* The introductory rate promotion applies to new Home Equity Lines of Credit (HELOCs) on single-family, owner-occupied primary, second homes and investment properties; excludes purchase combo (“piggyback”) second liens. The promotional Annual Percentage Rate (APR) for the first nine months will be fixed at the 2.99% for primary and second homes, and fixed at 3.99% on investment properties. After the introductory rate period ends, the loan will become a variable rate loan and all remaining balances will convert to the variable rate based on the Prime Rate in effect as published in The Wall Street Journal, plus a margin, per the terms of borrower’s credit agreement. The minimum monthly payments will be interest-only payments. All home loan programs are subject to credit qualification, income verification and collateral evaluation. Additional restrictions, limitations and exclusions may apply. Property insurance (which may include flood insurance) is 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 3/17/2020 is 3.25%. As of 3/17/2020, 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 3.49% APR to 4.50% APR on an owner-occupied 1-4 family residence and from 5.99% APR to 6.24% 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.
** Paying the minimum interest-only monthly payments 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.
1 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. 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.
2 The $250 Application Fee and $95 Set-Up Charge are waived when you apply by 03/31/21. 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 year. After the first (1st) year, during the Draw Period, you will be required to pay an Annual Fee of $75 for each year the account is open, whether it is used or not. 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.
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