Save with our low rate home equity loans and lines.
If you have equity in your home, you can use it for so many things---pay off high interest bills, update your outdated kitchen, add on the dream deck and outdoor kitchen you’ve been dreaming of, or get away from it all and take a vacation. A home equity loan or line is a smart choice because the interest rate is typically lower than a credit card or unsecured loan. Plus, any interest you pay may be tax deductible, but check with your tax advisor to be sure.
Home equity loans and lines each have benefits. Check them out in the chart below.
|Home Equity Loan||Home Equity Line of Credit (HELC)|
|How it works||You’ll receive the entire amount upfront. Interest is paid on the entire amount.||You can take only what you need---you do not need to take the entire amount upfront. Because you only take what you need, you’ll only pay interest on the amount you use. As payments are made, the line of credit becomes accessible over and over again. Going forward, you can get funds using a Debit MasterCard® or by writing checks. Keep tabs on your HELC with Online Banking and Telephone Banking.|
|The equity that can be used for your loan is carefully calculated||We look at the fair market value of the property, which is determined by an Automated Valuation Model (AVM) Report and Property Condition Report (PCR), or an appraisal in accordance with the Bank’s real estate appraisal guidelines.||We look at the fair market value of the property, which is determined by an Automated Valuation Model (AVM) Report and Property Condition Report (PCR), or an appraisal in accordance with the Bank’s real estate appraisal guidelines.|
|Interest Rate||Interest rates are fixed, so it’s easy to fit in your budget. Your payment will never change.||We offer lines with variable rates and fixed rates. If the rate varies, your payment amount will vary.|
|Length of Loan||It’s your choice. We offer terms from one month up to 20 years.||Our fixed rate HELC has a fixed interest rate for five years, and you can borrow money for up to 10 years. With our variable rate HELC, you can also borrow against the line up to 10 years.|
|Other Benefits||Save time, and always pay on time, with payments deducted automatically from an ACNB Bank checking or statement savings account. By setting up automatic payment deduction, you may qualify for a lower interest rate.||If you decide you want to convert your variable rate to a fixed rate, you can do it. You can convert all or a portion of the outstanding balance to a fixed interest rate. The amount that is converted to a fixed interest rate is paid off in equal monthly payments over a period of either three, five or seven years---you choose the amount of time to pay it off.
Save money on overdraft fees by setting up your HELC for Overdraft Protection on an ACNB Bank checking account. If the account becomes overdrawn, funds are transferred from the HELC to the overdrawn account automatically. Interest begins to accrue immediately on the portion of the HELC that was transferred to the overdrawn account.
Ready to move forward with either a Home Equity Loan or Home Equity Line of Credit?
Need help? Call us at 1.888.334.ACNB (2262) or send us an email.