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Home Equity Loan
Designed To Meet Your Needs
Delaware National Bank wants to make it easy for you to obtain the loan you want. Whatever you need, Delaware National Bankers have many ways to help. You may use a Home Equity Loan for everything from making home improvements to consolidating your bills or any other worthwhile purpose.
You may also save money at tax time with a tax deduction for the interest paid on your loan. Please consult your tax advisor to be sure your Home Equity Loan or Home Equity Line of Credit (OptionLine) interest is tax-deductible on your federal income tax return.
Why a Home Equity Loan?
- Affordable: A competitive fixed rate with minimal start up costs. Plus, you will save money with a lower rate when you choose automatic deduction of your payment from your Delaware National Bank Checking Account or Savings Account.
- Convenient: Budgeting is easy with fixed monthly payments. And, if you are consolidating bills, one easy payment per month replaces multiple payments.
- Various Plans Available: Don't wait. You may qualify for a home equity loan in an amount of up to 80% of the value of your home, less any existing mortgage debt. Ask us about our programs for home owners who have only a small amount of equity available. Talk to us about the details!
Income Information Required When Applying:
- Most recent pay stubs showing year to date earnings and pay period
- If self-employed, last two years' Federal Tax Returns and W-2 forms
- Explanations of any other income
Home Equity Loan - Primary Residence Rates
| Description | APR | Monthly payment example per $1,000 borrowed |
|---|---|---|
| Up to 3 Year | 6.74% | $30.76 |
| Up to 5 Year | 6.99% | $19.79 |
| Up to 10 Year | 7.24% | $11.73 |
| Up to 15 Year | 7.49% | $9.26 |
Home Equity Loan - Primary Residence Disclosure
Equal Housing Lender. Equal Opportunity Lender. These are our standard Annual Percentage Rates (APRs). Your APR and payment may be lower or higher depending on your credit qualifications.
This product is a fixed rate, closed-end loan secured by your primary residence and not exceeding an 80% loan to value ratio. Rates apply to new Home Equity loans of $5,000 or more with automatic deduction from a Delaware National Bank deposit account. APRs without automatic payment service are .50% higher. If you choose to use automatic deduction service and later discontinue that service for any reason, your APR will increase. Rates and offers may change. Subject to credit approval.
For a term of up to 3 years, APRs may range from 6.49% to 9.24% with monthly payments ranging from approximately $30.65 to $31.92 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $30.76 a month per $1,000 borrowed based on 6.74% APR for 3 years.
For a term of up to 5 years, APRs may range from 6.74% to 9.49% with monthly payments ranging from approximately $19.68 to $21.00 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $19.79 a month per $1,000 borrowed based on 6.99% APR for 5 years.
For a term of up to 10 years, APRs may range from 6.99% to 9.74% with monthly payments ranging from approximately $11.61 to $13.08 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $11.73 a month per $1,000 borrowed based on 7.24% APR for 10 years.
For a term of up to 15 years, APRs may range from 7.24% to 9.99% with monthly payments ranging from approximately $9.13 to $10.74 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $9.26 a month per $1,000 borrowed based on 7.49% APR for 15 years.
Example based on 80% financing:
| Appraised value of home: | $200,000 |
| 80% of appraisal: | .80 |
| Equals: | $160,000 |
| Less first mortgage: | -$125,000 |
| Home Equity Equals: | $35,000 |
To apply or obtain more information about our Personal Loans, Home Equity Loans or OptionLine, call us at 1.877.DNB.1570 (1.877.362.1570).
Equal Housing Lender. Equal Opportunity Lender.
Member FDIC.