For over 100 years, Colombo Bank has helped countless homeowners with their home equity needs.

A Home Equity Line of Credit (HELOC) is one option whereby a homeowner can access the equity in their “owner occupied” home for home remodeling, vehicles, education expenses or loan consolidation, securing the line with the home as collateral. There are two meaningful consumer benefits to home equity loans. The rate of interest on a HELOC is typically lower than the rates on unsecured debt, student loan rates, credit cards or other types of unsecured debt. In addition, the interest expense on a HELOC may be tax deductible. Questions concerning the tax implications should be referred to a tax advisor.

Interest rates on HELOC’s are a variable rate plus the bank’s spread and is determined based on the overall credit quality and final loan approval. Rates are tied to the Wall Street Journal Prime plus the bank’s spread.

EXAMPLE: If today’s WSJP rate was 4.00% and the bank approved a request at WSJP +1% than the borrower’s interest rate at that time would be 5.00%.

Once a homeowner is approved for a HELOC, he or she can draw on the line with checks as needed to advance funds. A minimum monthly payment of interest is required based on the outstanding balance at the time of the statement cycle. Other payment terms would be discussed as a condition of any loan approval. The homeowner can always elect to make additional payments.

Colombo Bank stands ready to assist you with answering any questions you may have or in completing an application. Please do not hesitate to contact Altaf Shadick at (240) 223-1038 or by e-mail:  HELOC@colombobank.com   or   loaninquiries@colombobank.com.

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Rates and/or offer subject to change without notice. This is a variable-rate product, based on the Prime Rate as published in the Wall Street Journal. If the Wall Street Journal publishes more than one Prime Rate, the Bank will use the highest published rate. The product consists of interest only payments for the first ten years of the line while you obtain advances available on your line. After 10 years, any remaining balance is amortized over a 15 year repayment period that will not require a balloon payment.

Your interest rate and monthly payment amount will vary as the Prime Rate varies. The Annual Percentage Rate, (APR), for the loan is based on the value of an index, (the Wall Street Journal Prime Rate, which as of June 14, 2018, was set at 5.00%), less or plus a margin. The Annual Percentage Rate (APR) maximum is 24%, and the minimum is 4.25%. Wall Street Journal Prime Rate is subject to change at any time.

Interest rate and credit limit for a Home Equity Line of Credit are based upon several factors, including an applicant’s income, assets, property appraisal and credit (FICO) score. All lines of credit are subject to credit approval, verification, and collateral evaluation and are originated by Colombo Bank. Products may not be available in all states. Products and interest rates are subject to change without notice.

Property Insurance is required and flood insurance may be required. Closing costs* range from $0 to in excess of $7,000, depending on the line amount, geographic location of the property, appraisal cost, title work, the jurisdiction’s recording fees, and mortgage taxes, if applicable. Restrictions apply for minimum credit scores, maximum loan-to-values, and other credit underwriting factors. All lines are subject to credit approval. Consult tax advisor regarding the deductibility of interest. Other rates and terms available.

*Normal closing costs include credit report, escrow/title company fees, title search and associated title policy, life of loan flood certificate, title verification, and equity mortgage recording fee and priority mail. Unless otherwise specified, all advertised offers and terms and conditions of accounts and services are subject to change at any time without notice. After an account is opened, or a service begins, it is subject to its features, conditions, and terms, which are subject to change at any time in accordance with applicable laws and agreements. Accounts canceled within 36 months of account opening are subject to reimbursement of 3rd party fees paid in connection with establishing the account. Other terms and conditions may apply.

Colombo Bank is an Equal Housing Lender.