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Home Equity Line of Credit

Home Equity Line of Credit

From 1st Mariner Bank

Ready to remodel your kitchen or consolidate high-rate credit cards? Need money for college tuition bills? There's no better resource than the equity in your own home.

If you're like most people, the purchase of your home has been your greatest, single investment. As you know, your home is also one of your greatest assets. At 1st Mariner Bank, we understand that home equity is a valuable financial resource.

With careful planning, the equity in your home can be used to pay for education, home improvements, automobiles, small business expenses, refinance high-interest unsecured debt, or anything else you choose to finance. This is why the 1st Mariner Home Equity Line of Credit combines attractive rates, affordable repayment terms, quick loan approvals, and most importantly, personal service.

  • Get a 0.25%* discount when you have a 1st Mariner Bank checking account with an active direct deposit
  • Fast Approvals
  • No Closing Costs*

Give yourself the flexibility you need with your money. Contact us today for more information on what you need to get started.

Home Equity FAQ

*The introductory Annual Percentage Rate (APR) of 1.00% applies to new Home Equity Line accounts for applications during this promotional period. After the introductory rate period, the APR on our Home Equity Line product is based on the Prime Rate published in The Wall Street Journal Money Rates table and can change monthly. The maximum APR that can apply is 18%. The Prime Rate as of 8/1/11 was 3.25%. The APR on 8/1/11 for Home Equity Line accounts was 4.50%. A 0.25% discount applies when a 1st Mariner Direct Deposit Checking Account exists. If the direct deposit checking account is closed, the rate will increase by 0.25%. Account must receive a direct deposit at least once every 90 days. An outstanding balance of $10,000 at the maximum APR would generate a minimum payment of $150 during the draw period and $250 during the repayment period. Closing costs may apply, ranging from $.92 per $100 to $1.91 per $100, depending on the amount of the line and location of the property. We will initially pay these costs, but they must be repaid if the credit line is closed before its third anniversary. Closing costs exclude Prince George's County transfer tax which must be paid at settlement by the borrower. Our No Closing Cost feature does not include special costs which may arise in certain situations; for example, attorneys fees for trust arrangements, title insurance, survey fees, and fees incurred for the preparation of legal documents where the borrower and owner of the property differ. Maximum loan amount not to exceed $250,000. Loan to Value will vary based on loan amount but will not exceed 80%. Consult your tax advisor regarding deductibility of interest. Adequate property insurance is required.