Home Equity Comparison

Home Equity Line of Credit*

Home Equity Loan*

Current Rates

Prime Rate + .5% (currently 5.25% APR)**

Variable Rate
A variety of terms are available with fixed rate and adjustable rate options.
Closing Costs A $95.00 fee due from borrower. On lines up to $250,000, desktop appraisals and all other closing costs are paid by the bank (excluding title policies, settlement fees, and full appraisals).^  Closing costs vary depending on the amount of the loan.

Repayment Options
Monthly payments may be either interest only or 1.25% of the outstanding balance.
Monthly fixed payments include principal and interest for the specific term of the loan.
Access to Money
Access funds as needed either through transfer to bank account or by check.

Revolving line of credit that you can conveniently use and pay down for 15 years.
Receive a check or deposit for the entire amount of loan.

Your Needs Ongoing expenses such as home improvements, car payments, education needs, or medical expenses. One time large expense such as a major home renovation, purchasing a car, or paying off debt.
Tax Benefits+ Interest is potentially tax deductible. Interest is potentially tax deductible.
Enjoy a fixed rate on portions of your home equity line of credit; terms range from 6 to 84 months. Ask us about current rates. 

$100 fee applies for each LineLock

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Speak with a Hometown Lender at a location near you.
*Subject to credit approval. Property insurance required. TowneBank NMLS# 512138 
**The rate is variable and the maximum Annual Percentage Rate (APR) is 16% or as applicable by law. The Prime Rate is a variable rate based on the Prime Rate published from time to time in the Wall Street Journal. As of March 22, 2018, the Prime Rate was 5.00%. 
+Please consult your tax advisor for deductibility of interest.
^If the borrower closes the line of credit within the first 36 months of opening, the bank will add any closing costs paid on the borrower's behalf to the outstanding balance for our reimbursement. Total closing costs generally range from $525 - $1,750.

This offer is available only on owner-occupied or secondary single-family residential real property located in the Hampton Roads and Richmond areas of Virginia and northeastern North Carolina. TowneBank must obtain a valid first or second lien position on the collateral, and all owners of the collateral must sign the documents. Borrow up to 80% of the home's value. Available equity depends on balance of other loans tied to the property.