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Flexible Home Equity Credit Lines

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You can often anticipate events in the near future that will impact you financially. You may have a child heading off to college in a few years. Or maybe you know it will be time for a new car next year. A Home Equity Line of Credit would be a great financial tool to consider for these big ticket expenses you know are on the horizon.

But what if your water heater decided to quit working in the middle of the night? What if your dentist just informed you that you need not one dental crown, but two? A Home Equity Line of Credit would also be a great financial tool to help with these unexpected yet expensive life events.

With Great Flexibility Comes Great Freedom

How could a Home Equity Line of Credit (HELOC) provide for all these things? Because a HELOC gives you flexibility and that flexibility gives you more freedom.
At Exchange Bank, we know how important both of those considerations are to you.
It is the difference between banking with us and the big, impersonal banks where customers are a number. We want to hear your story and we want to help you tell it financially.

Features of Our HELOCs

When you apply for a HELOC from Exchange Bank:

  • You may pay monthly interest-only payments or you can have the option
    of a fixed-rate structure for a personalized repayment plan.
  • You draw on your line of funds whenever you need them.
  • You can borrow funds as you need them. The minimum line amount is $25,000 and you can draw as little as $300 up to your line amount per transaction.
  • You have access to your available line of credit by check, phone, online, mobile banking and branch.
  • You can manage your monthly bills with one low monthly payment.
  • You can utilize minimum monthly payments when necessary.
  • You have a low annual fee (we waive the fee for the first year).
  • You can repay the principal balance and reuse your line of credit at any time during the 10 year draw period.*
  • No loan fees (we pay the loan fees on most HELOCs up to $250,000. For first lien position the borrower must pay for title insurance.

*If you payoff your line of credit and close your account before the 3rd anniversary year there is an early exit fee ranging from $500.00 – $1,500.00. The exit fee is determined by the amount of the Line of Credit and is assessed only if the account is closed and the lien is removed from your property.

HELOCWe lend up to 80% of the value of the home (on homes valued up to $1,000,000 and up to 70% on homes valued over $1,000,000), less a first mortgage. It’s important to remember that a HELOC is a lien on your property, so you are using your home’s value to fund other financial goals. Careful financial planning is vital to every decision you make regarding your home. Click here to apply for a HELOC.

Simple Lending Process

At Exchange Bank, we keep the equity lending process simple. We want to help our customers make the best financial decisions for their specific situation. This is a hallmark of the work we do and what you can expect when you contact a member of our lending team. Our loan officers have nearly 70 years of combined banking experience with 40-plus years of loan expertise to help you through the lending process. We will help you determine whether a HELOC or a Home Equity Loan (HEL) will best meet your needs.

When you apply for a HELOC one of our loan officers will review your application and contact you within 24 business hours with a preliminary qualification. The benefits of working with our team include being able to talk to the decision-makers – we look at every loan locally, we complete the underwriting process locally, and our rates are competitive with the big banks. What distinguishes us is our personalization – we do equity lending for customers throughout Sonoma County as well as counties that touch ours, like Marin and Lake Counties, as well as Roseville and other areas in Placer County.

Don’t Wait Until You Need it

Exchange Bank’s HELOC is a great product with many benefits, chief among them its flexibility (use your funds for anything at any time), and its tax benefits (please seek advice from your tax accountant; some expenditures are not tax-deductible).

A HELOC can also be beneficial as part of a financial plan for the future and our loan officers often advise our customers not to wait until they need it. If you know you have school or college tuition due at a specific time, for example, don’t wait until the due date is near to begin the loan application process. We work quickly to close HELOCs but funding can take up to 30 days or more depending on various factors.

Another reason not to wait to apply for a HELOC is that you may be able to lock in a low interest rate. Our loan officers can advise you about promotions at Exchange Bank such as low introductory rates for a specified amount of time. Exchange Bank also has a low annual percentage rate, which we do not assess on a HELOC until you begin to use your funds. Contact our Consumer Loans Team today!