Home Equity Solutions
Whether long-awaited or completely unexpected, events in your life sometimes come with hefty price tags. Desert Community Bank’s home equity solutions can help.
Select the home equity solution that is right for you.
This is the ideal option if you need to take on multiple projects over an extended period and your monthly income isn’t quite enough.
Looking to tackle one big project, such as a home renovation? This is the way to go. Fixed monthly payments help you integrate a home equity loan into your budget.
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1Desert Community Bank home equity line of credit (HELOC) annual percentage rate (APR) is variable and is based on prime rate published in the Wall Street Journal, as of September 28, 2018, plus a margin for line amounts of $10,000 - $1,000,000. Effective October 1, 2018, the 3.24% APR Promotional rate is available for 6 billing cycles after which the APR will range from 5.49% APR - 21.00% APR. All stated APR ranges apply to lines secured by residential property only. 1-4 unit owner occupied, modular homes, and owner occupied secondary homes. APR stated reflects a 1.00% interest rate discount for automatic payment from Desert Community Bank Deposit Account established at the time of application and initial draw of at least $25,000 at closing. Promotional rate not available for purchase transactions. Discounts are not available during the promotional period but will apply at the maturity of the Promotional Rate. Your APR may be higher and will be based on the variable rate index value in effect at the time of account opening, your credit qualifications, amount of the line of credit, loan-to-value ratio, and type of property. The annual fee is $75 per year. The Line must remain open for at least 36 months to avoid payment of closing fees, including, but not limited to title, appraisal, notary and recording fees. Loan amounts greater than $500,000 require borrower-paid Lender's Title Insurance. Borrower is responsible for paying required government taxes and fees at closing. During the 10 year draw period, your minimum payment will equal the greater of $100 or the periodic finance charges, and other fees, charges, and costs. During the 20-year Repayment Period, if any, your minimum payment for each Billing Cycle will equal the greater of $100 or the amount sufficient to repay the Account Balance in full by the Maturity Date in substantially equal payments plus the Finance Charges that accrued for that Billing Cycle and other fees, charges, and costs. Subject to credit approval and underwriting terms and conditions. Rates and programs subject to change without notice and the APR will not exceed 21%. Offer not valid in TX. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well. You must have verifiable income. Offer may be withdrawn without notice. Rates apply to new HELOC accounts and may not apply to existing HELOC accounts. Please consult your tax advisor regarding the deductibility of interest.
CONSIDERATIONS: Fees and charges may vary by product and state. Consolidating or refinancing debt may increase the time and/or the finance charges/total loan amount required to repay the debt. Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing.
2HELOANs allow customers the power to pay for large expenses by taking a lump sum of money now, and paying over time with a fixed-interest rate. In addition, it protects customers against payment hikes due to interest rate changes because the payment will remain fixed over the life of the loan.
Rate as of 10/1/2018, The Annual Percentage Rate (APR) calculation is based on a $65,000 loan amount,10-year term loan in the primary lien position, with an 80% or lower loan-to-value (LTV), minimum credit score of 720, and auto payments established from a Flagstar deposit account at time of application. Actual APR will vary based upon credit history, rates in effect at the time of consummation, LTV, and other credit factors. The APR is subject to change at any time prior to consummation, and individual APRs may vary for loan purchases and loan refinances due to loan programs being offered, lien position, or other factors. No bank-imposed closing costs. Borrower will be responsible for prepaid interest and all state and government specific charges and taxes. Loan amounts greater than $500,000 will require borrower-paid lender’s title insurance.
Residential properties only. Offer not valid in TX. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well.. Offer may be withdrawn without notice. Rates apply to new HELOAN accounts and may not apply to existing HELOAN accounts. You must have verifiable income. All borrowers are subject to qualification, underwriting approval, lender terms, and conditions. Borrower must be a minimum of 18 years of age and a US citizen or permanent resident alien. This does not constitute a rate commitment. Programs available only to qualified borrowers. Rates and programs subject to change without notice. Some restrictions may apply.
Considerations: Fees and charges may vary by product and state. Consolidating or refinancing debt may increase the time and/or the finance charges/total loan amount required to repay debt. Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing. Please consult your tax advisor regarding the deductibility of interest.