MFSB NMLS #504820
WHAT IS A HOME EQUITY LINE OF CREDIT?
A home equity line of credit, also known as a HELOC, is secured by your home and allows you to access the available equity you have in your home. With a HELOC, you can borrow as much or as little as you need, whenever you need it, up to a credit limit established at closing. As you repay your outstanding balance, the amount of available credit is replenished, which means you can borrow against it again, if needed.
On-Line Applcation Available (Apply Now)
- Payments are based on the Wall Street Journal Prime plus 1.00% View Rates
- Interest payments may be tax deductible (consult your tax advisor)
- Up to 80% Loan to Value Ratio (LTV) if Malvern Federal Savings Bank holds 1st lien position
- Up to 70% Loan to Value Ratio if Malvern Federal Savings Bank does not hold 1st lien position.
- If Malvern Federal does not hold 1st lien position, borrower must have or establish a deposit relationship with the Bank
- Hazard Insurance is required to be maintained on the property
- Monthly account statement
Rates, Discounts and Payments
- The minimum line amount is $10,000 and the Annual Percentage Rate (APR) is based on The Wall Street Journal Prime Rate plus a margin of 1.00% and will vary with the Prime Rate but will not exceed 18%.
- A 1.00% rate reduction will be offered with automatic payment from any Malvern Federal Bank checking account.
Fees and Costs
- A $350.00 Termination fee will apply if line is closed within 36 months of origination
- First order of checks is free
- No closing or application or costs on line amounts up to $200,000
For additional information, contact the Consumer Loan Department at 610-695-3624
Malvern Federal Savings Bank - Member FDIC. Equal Housing Lender
© 2013 Malvern Federal Savings Bank. All rights reserved. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.