As your community lender, we offer comptetive rates and direct access to our Consumer Real Estate Originators to assist you with the process.

Home Equity Loans 

  • Competitive Rates

  • Flexible Payment Options

  • .50% rate discount when enrolled in STC auto payment

  • Interest may be tax deductible**

**You should consult a tax advisor for information regarding the deductibility of interest and charges.

Home Equity Loan Options

Closed End Home Equity

Money for what you need today. Included but not limited to debt consolidation, home remodeling, vacations, and weddings. *see important disclosures below.
  • Up to 20 years
  • Fixed interest rate
  • Fixed monthly payment
 

Variable Rate Line of Credit Home Equity

Money to meet your needs today and for years to come. Included but not limited to education costs, home remodeling, vacations, and weddings.  *see important disclosures below.
  • 10 years
  • Variable Interest Rate
  • Monthly payment is 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.  *see important disclosures below.
  • 5 years
  • Fixed interest rate
  • Monthly payment is greater of 1% of the outstanding balance or $100

Mobile Home and Land Loans 

  • Fixed Interest Rate
  • .50% rate discount when enrolled in STC auto payment
  • Fixed Monthly Payment


Important Disclosures:

Closed End Home Equity

CLOSED END: Offer is based on a credit review and automatic payment from a Somerset Trust Company account. Payment Example for a 5-Year Term: A payment of $287.08 is based on a $15,000 Fixed Rate Closed End Home Equity Loan with 60 monthly payments and an Annual Percentage Rate (APR) of 5.238% as of 2/06/2023. 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) to qualify for the example rate is 70.00%. Maximum allowable loan to equity value ratio (LTV) is 89.99% for this loan product. 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.

Variable Rate Line of Credit

**VARIABLE LINE OF CREDIT: Offer is based on a credit review and automatic payment from a Somerset Trust Company account. The Annual Percentage Rate (APR) of 2.99% 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 8.00%). The lowest variable rate currently available (without automatic payment) is  8.50% as of 3/24/2023, with a maximum of 18.00% and a minimum of 8.50%. With automatic payment from a Somerset Trust Company account, the lowest possible rate is 8.00% with an Annual Percentage Rate of 8.00%. Monthly payment on $10,000 at 8.00% 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 8.00%. During that period, you would make 119 monthly payments of $121.33 and one final payment of $120.93. 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.

Fixed Rate Line of Credit

FIXED RATE LINE OF CREDIT: 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 7.50% as of 02/13/2023. With automatic payment from a Somerset Trust Company account, the lowest possible rate is 7.000% with an Annual Percentage Rate of 7.000%. Monthly minimum payment is 1% of the outstanding balance or $100 whichever is greater. If only the minimum payment is made each month, a balloon payment may result. If you made 59 monthly payments of $200.38, one final payment of $200.35 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 7.500%. 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.

When Your Home Is On the Line

Click here to see more information about Home Equity Lines of Credit.