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Home Equity options

Home Equity

Whether your goal is a dream kitchen, a home addition or financing other purchases and expenses, Saratoga National Bank can help! We offer convenient and budget-friendly Home Equity options to make your life easier.

 

Apply Now - Home Equity  

 

Benefits

Our Home Equity Combo* gives you the flexibility to choose what works for you!

Start with a line of credit: Similar to a credit card, a line allows you to access funds in small increments over a period of time and make payments only on the amount you have used so far.

Convert to a loan: With our unique product, you have the option to lock in a fixed-rate loan at any time.

Rate

Line of credit: 2.99% APR fixed 12-month introductory rate; automatically goes to 4.00% APR variable rate (Prime plus .00% APR — 4.00% APR rate floor) after 12 months.

Loan: Rates as low as 3.99% APR.

Features

  • No closing costs or annual fee
  • Borrow up to 80% of your home’s value
  • Flexible payment options
  • Minimum amount only $10,000

Benefits

Our Home Equity Loan* is perfect for those looking to borrow a fixed amount of money and pay it back with monthly payments. Low fixed-rate options protect you against rising interest rates.

Rate

Fixed rates as low as 3.99% APR; Keep that rate for the life of your loan.

Features

  • No closing costs or annual fee
  • Borrow up to 80% of your home’s value
  • Choose from 5, 10 and 20 year terms
  • Minimum amount only $10,000

 

For more information on our Home Equity options, contact any of our locations or call (518) 583-3114.

 

 

*Home Equity Line of Credit advances may be taken by using Internet Banking, visiting a branch office or by requesting a fixed rate combo advance loan. Special request may be made for Home Equity Line checks. Interest accrues from the date of advance. Minimum combo advance is $5,000 with a maximum of four outstanding loans at any time with a maximum of nine over the term of your contract. As principal is repaid on the combo advance loan(s), the available credit on the line increases by an equal amount. 2.99% APR applies for the first 12 months of the home equity line agreement. This 2.99% interest offer does not apply if the line purpose is to refinance an existing Saratoga National mortgage or home equity balance. At conclusion of the 12 month introductory fixed rate period, APR will be calculated based on the highest Prime Rate published in the Wall Street Journal. WSJ Prime Rate is presently 3.25% and last changed on 3/17/20. For lines of $25,000 or more the APR will be Prime, for lines less than $25,000, the APR is Prime +.50%. Rates are subject to quarterly adjustment throughout the term of line and will not exceed a maximum of 14.95% APR. The minimum APR is 4%. Minimum payment of $100 on outstanding balances may apply. The following is applicable to both the Home Equity Line and Loan. This offer applies to consumer lines or loans of $250,000 or less. Minimum line or loan is $10,000. For a typical installment loan advance of $25,000 over 10 years, your monthly payment would be approximately $252.99, assuming an automatic payment from a Saratoga National checking or savings account and an APR of 3.99%. If the home equity agreement is canceled for any reason within 3 years from closing date, the amount of closing costs and mortgage tax the Bank pays at closing (approximately $750 for a typical $25,000 line/loan), will be added to payoff amount owed. Maximum approved financing is 80% of appraised value of house minus existing first mortgage balance, if any. If the Bank determines Title Insurance is necessary, cost will be borne by customer. Customer required to maintain property insurance. Saratoga National checking or savings account required. All or part of Home Equity interest may be tax deductible. Please consult with your tax advisor concerning your personal tax situation. All Annual Percentage Rates shown are accurate as of date of publication and are subject to change anytime at Bank’s discretion. Our last rate change was 3/24/20. Subject to credit qualified.