Own your own home and need some funds? A Home Equity may be the perfect route for you to take! Whether you choose a Home Equity Loan or a Home Equity Line of Credit, they are perfect for covering the costs of:
- Home Improvements
- College Tuition
- Consolidating Debt
- Unforeseen Expenses
- SO much more!
What’s the difference between a Home Equity line of Credit and a Home Equity? See below to find out!
Need help figuring out how much you can afford? Check our NBC’s interactive calculators6 to help you properly plan ahead!
Home Equity Lines of Credit
Home Equity Line of Credit’s1 are similar to a credit card. You are approved for a certain dollar amount over a specified term. While within the defined term you can borrow money from your line, pay the balance back down, and use it again! This is the perfect solution for someone who needs flexibility while completing their project or endeavor!
The benefits of getting your Home Equity Line of Credit through NBC are:
- A PRIME ONLY rate of 8.25% APR2
- NO floor!
- NO annual fees!
At the conclusion of the term of the line, any unpaid balance will be converted into a fixed loan spread out over 180 months! It’s that easy!
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1 No minimum, fixed transaction or activity charges that are finance charges are imposed under the plan. The rate is variable and based on the Wall Street Journal Prime Rate which is currently 8.25% APR. Ceiling of 24% APR. No membership or participation fees. Property insurance is required. 2 APR = Annual percentage rate. Loan fees are approximately $850. 6Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Home Equity Loans
A Home Equity Loan3 is perfect for those borrowers who want a fixed, monthly payment that they can anticipate and budget for! Instead of the Home Equity Line of Credit where you can re-use the funds within the time frame, this is a one-time, lump sum loan.
Check out our competitive Home Equity Loan Rates below!
NBC Home Equity Loan Rates (APR2)
| Term | 1st Position4 | 2nd Position5 |
|---|---|---|
1-60 months |
6.25% |
7.00% |
61-120 months |
6.50% |
7.50% |
121-180 months |
6.75% |
7.80% |
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Contact Us today to get started!
3 60 months = 60 monthly payments of $19.45 per $1,000 borrowed. Example based on a 60 month 1st position loan at 6.25% APR. Rates listed are fixed. Rates and terms may change without notice. 4 1st position = subject property must be unencumbered or first mortgage must be with NBC. 5 2nd position = on property with any lender. 6Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
