HOME EQUITY LINE of credit
Make your house work for you!
There is an untapped power in your home—ready to go to work for you whenever you need some extra cash. It’s a Home Equity Line of Credit—and you can use it for anything! Make home renovations, help pay for your dream vacation, or even pay off high interest credit cards and debt. It’s a smart, economical way to borrow because of the low interest rate, and interest payments may even be tax deductible.2
- Low, competitive rates
- Adjustable rate, revolving credit
- Stays open as long as you need
- No closing or appraisal costs
- No minimum draw
- Low monthly payments (see rates and disclosure)
- Low annual fee – waived the first year3
- Access your line with conveniently supplied checks
- Interest may be tax deductible2
Home Equity Application Checklist
Below is a helpful checklist of items you’ll need when applying for a home equity line of credit:
- Unexpired government-issued ID
- Most recent pay stubs (2 years of employment)
- Self-employed applicants will need tax returns for the past two years, including all schedules and financial statements
- Residence address for the past two years
- If you have rental income, two years of tax returns
- Name, address and phone of your homeowners insurance agent
Borrow what you need, when you need it
To tap into this convenient source of funds, just use one of the checks you will receive as part of your loan. Funds are available at closing, if needed, and checks will arrive within 7-10 days. That’s all it takes to get the money you need for whatever you want.
A Home Equity Line of Credit is an outstanding source of borrowing power. Unlock that power and put your house to work for you!
Ready to get started? Call or email Consumer Lending Manager Margaret Jacobs or the branch location nearest you.
Hurry, while rates are low!
1. All lending products are subject to credit review and approval. Rates subject to change at any time. You may call 330.264.5767 or TOLL FREE 800.414.1103 to determine if these rates have changed, or check our website at waynesavings.com. Variable Rate: Annual Percentage Rate (APR) may vary. Maximum Annual Percentage Rate (APR) of 21.000%, minimum Annual Percentage Rate (APR) of 4.250% (Prime Rate). The Annual Percentage Rates are variable and are based on The Wall Street Journal Prime. Tiered rates are determined by Loan to Value (LTV): 69% or lower are Prime Rate; 70-80% LTV are Prime Rate + 0.25%; and 81-85% LTV are Prime Rate + 0.75%. Relationship Rate: All rates subject to borrowers maintaining a Wayne Savings checking account with a monthly automatic ACH (direct) deposit or a Wayne Savings checking account with an automatic monthly payment to the Home Equity Line of Credit. Add 0.25% to rates if this direct deposit relationship or an automatic payment requirement is not met. Property insurance must be carried on the real property securing the account. 2. Check with your tax advisor. 3. Annual fee of $75 is waived the first year. $350 prepayment penalty applies if the line of credit is closed within the first three years.