LEARN MORE

  or schedule an appointment with your local financial center

  or Contact a Loan Specialst (1.800.385.8664)

HOME EQUITY LINE OF CREDIT1

So what’s your great idea and how do you fund it? Remodeling your kitchen? Making a down payment on a new car or truck? Consolidating your high-interest debt? Whatever you have in mind, OptionLine, our home equity line of credit may be the perfect solution.

N O W

N O W

2.49%2
Special introductory
APR for 6 months

L A T E R

L A T E R

3.50%3
Variable APR after the 
introductory period

LEARN MORE

  or schedule an appointment with your local financial center

HOME EQUITY LINE OF CREDIT1

So what’s your great idea and how do you fund it? Remodeling your kitchen? Making a down payment on a new car or truck? Consolidating your high-interest debt? Whatever you have in mind, OptionLine, our home equity line of credit may be the perfect solution.

N O W

N O W

2.49%2
Special Introductory
APR for 6 months

L A T E R

L A T E R

3.50%3
Variable APR after the 
introductory period

Benefits of a Home Equity Line of Credit

ANYTIME ACCESS >>

Anytime access to your money—write a check, use Online and Mobile Banking4, or visit a branch.

FLEXIBILITY >>

Payment options—choose how you want to pay including interest-only payments.

MORE CASH >>

More cash in your pocket—no application fees.

AFFORDABLE >>

Affordable—competitive interest rates based on market conditions.

Benefits of a

Home Equity Line of Credit

ANYTIME ACCESS

Anytime access to your money—write a check, use Online and Mobile Banking4, or visit a branch.

FLEXIBILITY

Payment options on your terms—choose how you want to pay, including interest-only payments.

MORE CASH

More cash in your pocket—no application fees or closing costs.

AFFORDABLE

Affordable—competitive interest rates based on market conditions.

HELOC 101

HELOC BASICS.

What's a HELOC?

HELOC (home equity line of credit) is a loan that’s secured by your home. It’s like a credit card but is generally used for larger expenses vs. everyday purchases. You are approved for a certain amount to borrow (credit limit), and you can use as you need it. You can choose to pay interest only on the money you withdraw or pay more.  


Plus, while a HELOC has a variable rate (the rate can move up or down depending on the market), you have the option to lock in a fixed rate for certain amounts, so you have more control over how much you pay. 


Traditionally, a HELOC is used to for home improvements, but there are many other ways to put it to work for you:  Consolidate high-interest debt, pay college expenses or down payment for a car. It can also provide peace of mind knowing you have that money available and ready for unplanned expenses like medical or unexpected home repairs


Easy access to your funds. You can take out money when you need it. You can write a check on your available credit or transfer money right into your checking account.

How much could you get?

To qualify for a HELOC, you need to have available equity in your home, meaning that the amount you owe on your home must be less than the value of your. Here’s how our lendable home equity is determined. An example based on 80% finances:

 

Appraised value of home  $200,000

80% of appraisal                        x0.80
                                            ---------------

                                               $160,000

Less first mortgage           -$125,000

                                            ---------------

Lending home equity         $35,000

Want to learn more?

Do you know the 5 home improvement tips that can instantly add value to your home? Visit our Education Center to learn more about a variety of financial topics including home ownership, family and finances, managing credit and debit, and saving and budgeting. You’ll find articles, tips, and resources to help you make informed decisions about your finances.

Frequently asked questions:

Home equity loan vs. equity line?

Home equity loans typically have a fixed interest rate, meaning the payment is the same each month; that makes them easier to factor into your budget.


A home equity line of credit (HELOC) is similar to a credit card; you have a certain amount of money to borrow and pay back, but you can use what you need as you need it. You pay interest only on the amount you draw.

What's a fixed vs. variable interest rate?

Fixed-rate financing means the interest rate on your loan does not change. Variable-rate financing means the interest rate on your loan or line of credit can change throughout the life of the product. This rate change may be based on factors such as "prime rate" or another rate called an “index.”

What does LTV mean?

LTV stands for loan-to-value. It is the total amount of liens on a property divided by its fair market value. LTV is one factor used to determine how much you’re eligible to borrow.

Is the interest I pay tax deductible?

Under the new tax law, only certain interest is deductible. For example, money used to improve your home. Consult with your tax advisor to determine if the interest you pay is eligible.

How can I use my HELOC?

You can easily access your line of credit for virtually anything you need. Use it for home improvements, to consolidate high interest debt, for medical expenses, to help pay for student loan debt, or to create an emergency fund.

Fulton Bank, N.A. Member FDIC.

 

Fulton Bank does not offer products and services to individuals that live outside of our service area. View our service area here.

 

1The product is a variable rate line of credit secured by the primary residence and not exceeding an 80% loan-to-value (LTV) ratio. This account includes a fixed-rate option. This rate may vary, but once established as a new Fixed Rate Advance, will not vary thereafter. A $100 rate lock fee applies each time you establish a Fixed Rate Advance (except in the State of MD). The fee is waived if the rate is locked at closing. A separate rate schedule applies for Fixed Rate Advances.

 

Most closing cost fees will be waived on primary 1-4 family residence secured credits up to 80% LTV. Closing costs for lines of credit of up to $500,000 typically range from approximately $185 to $1994 depending on line amount, appraisal requirements and property location. Properties that require a commercial appraisal may incur additional costs of up to $3875. For properties in PA, DE, and NJ, if you close your account or your account goes into default within 36 months of opening it, you will be required to pay back any closing cost fees the bank initially paid on your behalf.

 

In addition, the borrower is required to purchase title insurance if the line is used to purchase the collateral property or the line amount is for more than $500,000. For properties held in the name of a trust, a $300 Trust Review fee will be charged and cannot be waived. The borrower will be responsible to pay mortgage satisfaction fees at the time of loan termination. Property insurance is required. For properties in MD & VA, Fulton Bank will only pay municipal recordation taxes on the Eligible Property Value subject to the tax. Eligible Property Value, for purposes of this payment of taxes, is defined as the lesser of the following two amounts: $250,000 or the difference between the appraised value of the property and the sum total of any recorded liens. Municipal recordation taxes are based on loan amount and taxes charged in excess of the sum paid for by the bank are the responsibility of the borrower.

 

2The advertised introductory rate applies to new lines of credit of $5,000 or more. There is no maximum line amount required to qualify for this introductory APR offer. The 6-month introductory period begins at loan closing. The introductory APR offer may be withdrawn at any time and is subject to change without notice. The introductory rate offer does not apply to the refinance of existing Fulton Bank debt. Rates are accurate as of 11/02/2020.

 

3After the expiration of the 6-month introductory rate period, the variable APR will be based on the Wall Street Journal Prime (WSJP) rate as published daily plus or minus a margin, and will vary with WSJP. The advertised 3.50% APR is our current standard rate with automatic deduction of payment from any Fulton Bank deposit account. Your APR is based on credit qualifications, appraisal requirements, LTV ratio, and payment option selected and will increase by 0.25% if automatic payment is discontinued. The WSJP rate may change at any time and is subject to change without notice. Your APR will not exceed 18% at any time during the term of your account.

 

Rates and terms are subject to change and may be withdrawn without notice. Rates are available to qualified borrowers and loans are subject to credit approval. Properties currently listed for sale may not be pledged as collateral for OptionLine. A minimum credit score of 620 is required.

 

4Message and data rates may apply.

Fulton Bank, N.A.

1.800.385.8664
One Penn Square, Lancaster, PA, 17602


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