Home Equity Loans and Lines of Credit are both ways to borrow based on the equity you have in your home:
Home Equity Loans can be an ideal option for homeowners who need a lump sum of money upfront, such as for a large home improvement project or debt consolidation. One advantage of a Home Equity Loan is the predictable, fixed payment schedule that makes budgeting easier over the life of the loan.
Home Equity Lines of Credit offer more flexibility, allowing homeowners to borrow, repay, and borrow again as needed, making them ideal for variable expenses like home repairs or education costs. With a HELOC, you only pay interest on the amount you borrow, not the total credit limit.
Kearny Bank offers Home Equity Lines of Credit to help meet your needs:
Borrow up to 80% of your home's value and use it for big expenses like school, home upgrades, and more. Payments can be automatically deducted from your Kearny Bank checking account, and there's no penalty for paying early.
For more details call us at 800-273-3406.
Home Equity Lines of Credit
15 Year Revolving Credit Line (variable)
| Interest Rate | APR | Months | Additional Information |
|---|---|---|---|
| 5.990% | 5.990% | 180 | $5,000 Min, $500,000 Max, 80% LTV, 1-4 Family Owner Occupied, Introductory rate of 5.990% for first six months then Prime Rate + 0.000%, maximum rate is 18.000% (ceiling rate), minimum rate is 4.950% (floor/start rate). NO CLOSING FEES. Payments do not include amounts for taxes and insurance, if applicable. Actual payment obligation will be greater. Homeowners insurance is required; flood insurance is required where necessary. Subject to credit approval. |
Truth In Lending Disclosure
- Rates are subject to change at any time without notice. Points are costs paid in lowering a loan's rate of interest and/or to pay any loan origination costs. 1 point is equal to 1% of the loan amount.
- A Fixed Rate Mortgage is a mortgage that may have a fixed principal and interest payment up to a maximum of 30 years or 360 payments. Monthly principal and interest payments do not include Real Estate Taxes, Homeowners/Flood Insurance or Private Mortgage Insurance (PMI) for down payments that are less than 20% of the purchase price.
- APR represents the "Annual Percentage Rate".
- An Adjustable Rate Mortgage (ARM) is a mortgage that starts at a rate of interest that is usually lower than a Fixed Rate Mortgage. This loan will re-price after an introductory period to a rate that takes into account a preselected index. The most commonly used index is the weekly average yield on United States Treasury Securities adjusted to a constant maturity of one (1) year, as reported by The Federal Reserve Board. To this index, the borrower's pre-determined margin is added, then rounded to the nearest 1/8th of a percent, to arrive at the new mortgage loan interest rate for the next rate period based upon the terms of your promissory note. This is the most common type of adjustable rate mortgage offered. Monthly principal and interest payments do not include amounts for taxes and insurance, if applicable. Actual payment obligation will be greater.
- Payment shown is cost per $1,000 borrowed.
How You Can Use Your HELOC
Home Improvements & Renovations
Transform your house into your dream homeBig-Ticket Purchases
TVs, appliances, furniture
Major Vacations
Second honeymoons, once-in-a-lifetime experiencesSpecial Occasions
Dream wedding and anniversary celebrations
Debt Consolidation
Eliminate higher-cost debt
Education
Without student loan worries
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Unlock Your Home’s Potential Today.
Connect with a Kearny Bank Mortgage Advisor to learn more.