Home Equity Loans
Life has a way of coming up with things that require cash. As a home owner you have a clear advantage when it comes to borrowing money. Property values have increased steadily over the past few years, so the value of your equity has been going up!
At Flushing Savings Bank, we offer Fixed-Rate Home Equity Loans and Variable-Rate Home Equity Lines of Credit with the following benefits:
- Same day pre-approval decisions
- Loan Amounts - $25,000 to $750,000
- No Income Verification option
- Ask about our special rates for investment properties
To apply for a Fixed-Rate Home Equity Loan or a Variable-Rate Home Equity Line of Credit today click here.
To further help you with your mortgage application, feel free to use the following mortgage tools:
Mortgage Calculators
Frequently Asked Questions
Mortgage Glossary
Home Equity Lines of Credit are available to owners of 1 to 4 family homes and condominiums, which must be the owner's primary residence and must be insured. The line is secured by a lien on your home. Flushing Savings Bank will pay the appraisal fee, credit report, mortgage tax, title search, recording fee and Bank legal fee to close the line. If the Home Equity Line of Credit is cancelled by you or if the line of credit is paid off within the first three (3) years from the date of closing, you will be required to reimburse the Bank for these closing costs. The Annual Percentage Rate (APR) may vary and is currently the Wall Street Journal Prime Rate plus .25% equating to 4.25% for the life of the line. The current Prime Rate of 4.00% is as of October 31 2008, and is subject to change without notice. The Home Equity Line of Credit has a rate cap of 15% and a rate floor of 4.25%. In order to receive Prime plus .25% for the life of the line, you must have a Flushing Savings Bank checking account, an initial drawdown of $25,000, which must stay outstanding for 120 days, and have automatic debit of loan payments from a Flushing Savings Bank checking account. If these three requirements are not maintained, the rate will revert to a prevailing rate of Prime Rate plus .50%, which equates to 4.50% (based on the current Prime Rate). Total loan-to-value ratio may not exceed 65%. For loans greater than 150,000, total loan-to-value ratio may not exceed 70%. Offer and rate are subject to change without notice. Consult your tax advisor on deductibility of interest. Subject to credit approval.
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