You've worked hard to own your home. Now, let it work hard for you. A Home Equity Line of Credit serves as a ready source of funds for many types of planned and unexpected expenses. You can use it to pay for renovations, tuition, consolidate higher interest rate debt, or finance just about anything else that's on your priority list.
Borrow only the amount you need, when you need it. The unused balance of your credit line remains available for use. As you repay your outstanding balance, your available credit replenishes, which means you can borrow, repay and re-borrow on your Home Equity Line of Credit throughout your draw period. Click Here to see today’s rates.
Disclosure: For new Home Equity Lines of Credit (HELOC), a limited-time offer and subject to credit approval. The Annual Percentage Rate (APR) is variable based upon the U.S. Prime Rate published in the Money Rates table of The Wall Street Journal on the date you sign the credit agreement. After that, your APR may vary monthly and is based on the U.S. Prime Rate published in the Money Rates table of The Wall Street Journal on the first day of the calendar month. The minimum APR is 3.25%, and the maximum APR is 18.00%. Subject to a Documentation Prep Fee of $150. Combined loan-to-value (LTV) ratio (including prior mortgages or liens) of 80% or less. The property must be the Primary Residence of the Borrower(s), and property insurance is required. The maximum loan amount is $550,000. Title insurance, appraisal fees, and other costs may apply based upon the loan size.
Draw and Repayment Terms: The Line has a maximum period of 10 years for which you may obtain advances; during this period, minimum payments that include both principal and interest must be made based upon the balance owing at the end of each billing cycle. After that, no additional advances may be taken, and the Line will enter into a 15 year repayment period during which you must repay both principal and interest. This offer may be withdrawn at any time, and rates are subject to change without notice. Malvern Bank, N.A., and its representatives do not provide tax or legal advice. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.