Online Services
Home Equity Loans
Designed To Meet Your Needs
Lafayette Ambassador Bank wants to make it easy for you to obtain the loan you want. Whatever you need, Lafayette Ambassador Bankers have many ways to help. You may use a Home Equity Loan for everything from making home improvements, to consolidating your bills or any other worthwhile purpose.
You may also save money at tax time with a tax deduction for the interest paid on your loan. Please consult your tax advisor to be sure your Home Equity Loan or Home Equity Line of Credit (OptionLine) interest is tax-deductible on your federal income tax return.
Why a Home Equity Loan?
- Affordable: A competitive fixed rate with minimal start up costs. Plus, you will save money with a lower rate when you choose automatic deduction of your payment from your Lafayette Ambassador Bank Checking Account or Savings Account.
- Convenient: Budgeting is easy with fixed monthly payments. And, if you are consolidating bills, one easy payment per month replaces multiple payments.
- Various Plans Available: Don't wait. You may qualify for a home equity loan in an amount of up to 80% of the value of your home, less any existing mortgage debt. Ask us about our programs for home owners who have only a small amount of equity available. Talk to us about the details!
Income Information Required When Applying:
- Most recent pay stubs showing year to date earnings and pay period
- If self-employed, last two years' Federal Tax Returns and W-2 forms
- Explanations of any other income
Home Equity - Primary Residence Rates
| Description | APR | Monthly payment example per $1,000 borrowed |
|---|---|---|
| Up to 3 Year | 5.99% | $30.49 |
| Up to 5 Year | 5.99% | $19.38 |
| Up to 7 Year | 6.49% | $14.89 |
| Up to 10 Year | 6.74% | $11.51 |
| Up to 15 Year | 7.24% | $9.15 |
Home Equity - Primary Residence Disclosure
Equal Housing Lender. Equal Opportunity Lender. These are our standard Annual Percentage Rates (APRs). Your APR and payment may be lower or higher depending on your credit qualifications.
This product is a fixed rate, closed-end loan secured by your primary residence and not exceeding an 80% loan to value ratio. Rates apply to new Home Equity loans of $5,000 or more with automatic deduction from a Lafayette Ambassador Bank deposit account. APRs without automatic payment service are .50% higher. Rates and offers may change. Subject to credit approval.
For a term of up to 3 years, APRs may range from 5.74% to 8.49% with monthly payments ranging from approximately $30.38 to $31.67 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $30.49 a month per $1,000 borrowed based on 5.99% APR for 3 years.
For a term of up to 5 years, APRs may range from 5.74% to 8.49% with monthly payments ranging from approximately $19.26 to $20.59 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $19.38 a month per $1,000 borrowed based on 5.99% APR for 5 years.
For a term of up to 7 years, APRs may range from 6.24% to 8.99% with monthly payments ranging from approximately $14.77 to $16.15 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $14.89 a month per $1,000 borrowed based on 6.49% APR for 7 years.
For a term of up to 10 years, APRs may range from 6.49% to 9.24% with monthly payments ranging from approximately $11.38 to $12.85 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $11.51 a month per $1,000 borrowed based on 6.74% APR for 10 years.
For a term of up to 15 years, APRs may range from 6.99% to 9.74% with monthly payments ranging from approximately $9.01 to $10.63 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $9.15 a month per $1,000 borrowed based on 7.24% APR for 15 years.
How is the equity in your home determined?
Example based on 80% financing:
| Appraised value of home: | $200,000 |
| 80% of appraisal: | .80 |
| Equals: | $160,000 |
| Less first mortgage: | -$125,000 |
| Home Equity Equals: | $35,000 |
Home Equity Loan - Non Primary Residence
Real Estate, other than your primary residence, may be held as collateral for a fixed rate loan. We may lend up to a total LTV of 75% of the current market value.
Home Equity - Non-Primary Residence Rates
| Description | APR | Monthly payment example per $1,000 borrowed |
|---|---|---|
| Up to 3 Year | 7.49% | $31.20 |
| Up to 5 Year | 7.49% | $20.10 |
| Up to 7 Year | 7.99% | $15.64 |
| Up to 10 Year | 8.24% | $12.31 |
Home Equity - Non-Primary Residence Disclosure
Equal Housing Lender. Equal Opportunity Lender. These are our standard Annual Percentage Rates (APRs). Your APR and payment may be lower or higher depending on your credit qualifications.
This product is a fixed rate, closed-end loan secured by your non-primary residence and not exceeding a 75% loan to value ratio. Rates apply to new Home Equity loans of $5,000 or more with automatic deduction from a Lafayette Ambassador Bank deposit account. APRs without automatic payment service are .50% higher. Rates and offers may change. Subject to credit approval.
For a term of up to 3 years, APRs may range from 7.24% to 9.99% with monthly payments ranging from approximately $31.08 to $32.39 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $31.20 a month per $1,000 borrowed based on 7.49% APR for 3 years.
For a term of up to 5 years, APRs may range from 7.24% to 9.99% with monthly payments ranging from approximately $19.98 to $21.33 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $20.10 a month per $1,000 borrowed based on 7.49% APR for 5 years.
For a term of up to 7 years, APRs may range from 7.74% to 10.49% with monthly payments ranging from approximately $15.51 to $16.93 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $15.64 a month per $1,000 borrowed based on 7.99% APR for 7 years.
For a term of up to 10 years, APRs may range from 7.99% to 10.74% with monthly payments ranging from approximately $12.17 to $13.69 per $1,000 borrowed, depending on credit qualifications. For example, it would cost approximately $12.31 a month per $1,000 borrowed based on 8.24% APR for 10 years.
How is the equity in your non-primary home determined?
Example based on 75% financing:
| Appraised value of home: | $200,000 |
| 75% of appraisal: | .75 |
| Equals: | $150,000 |
| Less first mortgage: | -$125,000 |
| Home Equity Equals: | $25,000 |
To apply or obtain more information about our Personal Loans, Home Equity Loans or OptionLine, call us at 1.800.752.8400.
Equal Housing Lender. Equal Opportunity Lender.
Get Connected!