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Home Equity Loans

 

 

Use our Financial Calculators to help determine if a Home Equity is right for you.

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  • Competitive Rates
     
  • Flexible Payment Options

  • Interest may be tax deductible**
 
**You should consult a tax adviser for information regarding the deductibility of interest and charges.
 
Home Equity Loan Options
Term
Rate
Monthly Payment
CLOSED END Home Equity
To borrow exactly what you need today. Debt consolidation, home remodeling, vacations, taxes . . .
Up to 20 years
Fixed interest rate
Fixed monthly payment
VARIABLE RATE Line of Credit Home Equity 
To meet your needs today and for years to come. Education costs, home repair . . .
10 years
Variable rate as low as 3.50%
Greater of 1% of the outstanding balance or $100
FIXED RATE Line of Credit Home Equity
For your long term needs with a guaranteed fixed rate.
5 years
Fixed interest rate
Greater of 1% of the outstanding balance or $100

Variable Rate Line of Credit Home Equity

introductory rate for the first six months*

2.79%   INTEREST RATE
2.79% ANNUAL PERCENTAGE RATE

 
after the first 6 months adjusts to: as low as 3.50% INTEREST RATE
3.50%  ANNUAL PERCENTGE RATE
 interest rate and annual percentage rate may vary

*LINE OF CREDIT VARIABLE: Offer is based on a credit review and automatic payment from a Somerset Trust Company account. The Annual Percentage Rate (APR) of 2.79% will be in effect for six months from the date of your agreement. After six months, the rate will revert to the current variable rate which is based on the Wall Street Journal Prime Rate (currently 3.50%). The lowest variable rate currently available (without automatic payment) is 4.00% as of 4/12/2016, with a maximum of 18.00% and a minimum of 3.25%. With automatic payment from a Somerset Trust Company account, the lowest possible rate is 3.50% with an Annual Percentage Rate of 3.50%. Monthly payment on $10,000 at 3.50% is 1% of the outstanding balance or $100 whichever is greater for 120 months, based on the current variable rate with auto payment. If only the minimum payment is made each month, a balloon payment may result. If you made only the minimum payment and took no other credit advances, it would take 10 years to pay off a credit advance of $10,000 at an Annual Percentage Rate of 3.50%. During that period, you would make 118 monthly payments of $100 and one final payment of $40.39. The term is 10 years. This product has a $25.00 annual fee. Your rate may be higher based on a credit review, loan amount, equity of your home and automatic payment. Maximum allowable loan to equity value ratio (LTV) is 89.99%. At least $10,000 of amount borrowed must be new to qualify for this rate. Offer applies to single-family primary residence; owner occupied homes and is not for home purchase. Property, title and/or flood insurance, if applicable may be required. An appraisal may be required. Other rates and terms are available. Offer of credit is subject to credit approval.  This product has a $99 document preparation fee, which may be waived with an automatic payment from a Somerset Trust Company account. Additional fees may apply for lien recording and release as designated by county. Offers are subject to change without notice. 

 

Closed End Home Equity

3.490%  INTEREST RATE
3.491%  ANNUAL PERCENTAGE RATE*
10 YEAR TERM

*CLOSED END: Offer is based on a credit review and automatic payment from a Somerset Trust Company account. Payment Example: A payment of $148.10 is based on a $15,000 Fixed Rate Closed End Home Equity Loan with 120 monthly payments and an Annual Percentage Rate (APR) of 3.491% as of 4/12/2016. The payment amount does not include amounts for taxes and insurance premiums. The actual payment obligation may be greater. The rate is based on a credit review and automatic payment from a Somerset Trust Company account. Your rate may be higher based on a credit review, loan amount, equity of your home and automatic payment. Maximum allowable loan to equity value ratio (LTV) is 89.99%. At least $10,000 of amount borrowed must be new to qualify for this rate. Offer applies to single-family primary residence; owner occupied homes and is not for home purchase. Property, title and/or flood insurance, if applicable, may be required. An appraisal may be required. Other rates and terms are available. Offer of credit is subject to credit approval.  This product has a $99 document preparation fee, which may be waived with an automatic payment from a Somerset Trust Company account. Additional fees may apply for lien recording and release as designated by county. Offers are subject to change without notice.

 
Fixed Rate Line of Credit Home Equity

4.49% INTEREST RATE
4.490%  ANNUAL PERCENTAGE RATE*

5 YEAR TERM

*LINE OF CREDIT FIXED: Offer is based on a credit review and automatic payment from a Somerset Trust Company account. The lowest rate currently available (without automatic payment) is 4.99% as of 4/12/2016. With automatic payment from a Somerset Trust Company account, the lowest possible rate is 4.49% with an Annual Percentage Rate of 4.490%. Monthly payment is 1% of the outstanding balance or $100 whichever is greater for 60 months. If only the minimum payment is made each month, a balloon payment may result. If you made only the minimum payment and took no other credit advances, it would take 5 years to pay off a credit advance of $10,000 at an Annual Percentage Rate of 4.490%. During that period, you would make 59 monthly payments of $186.39 and one final payment of $186.04. The term is 5 years. This product has a $25.00 annual fee. Your rate may be higher based on your credit review, loan amount, equity of your home, and automatic payment. Maximum allowable loan to equity value ratio (LTV) is 89.99%. Offer applies to single-family primary residence; owner occupied homes and is not for home purchase. Property, title and/or flood insurance, if applicable may be required. An appraisal may be required. Other rates and terms are available. Offer of credit is subject to credit approval. This product has a $99.00 document preparation fee, which may be waived with automatic payment from a Somerset Trust Company account. Additional fees may apply for lien recording and release as designated by county. Offers are subject to change without notice.

 

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