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