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To make a payment by phone or transfer funds to your 1st Mariner account from another institution, call 410-558-4200.

Home Equity Loans and Lines

Please note: We have added important additional disclosures to some terms within the Home Equity Loans and Lines section.  To view these disclosures, simply click on our () icon . 



Your home is one of your greatest assets.  At 1st Mariner Bank, our loan specialists will work with to help you obtain the lowest possible interest rates and best terms for home equity loans and lines of credit.  Whether you are funding home repairs or securing a line of credit to take care of life’s unexpected events, consider 1st Mariner Bank’s home equity options.

You can use your home equity line of credit to:

  • finance home improvements
  • consolidate bills
  • have a cushion for life’s unexpected expenses

Home Equity Loans


With attractive interest rates and flexible terms, 1st Mariner Bank’s home equity loans are designed with you in mind.  Home equity loans allow you to enjoy the stability of a fixed monthly payment and a fixed rate. 

Home Equity Lines of Credit


Enjoy the flexibility and attractive interest rates of the 1st Mariner Bank Home Equity Line of Credit.  Use as much of the credit line as you like, then replenish your credit line for future expenses.

1st Mariner Bank's Home Equity Lines can help you achieve your financial goals.

  • No closing costs
  • Quick approvals and easy settlements
  • Personalized service       

Borrow up to 70% Loan-to-Value with 120- Month Draw Period .  Minimum line amount is $10,000.

 

Home Equity Loan vs. Line of Credit Comparison

 

 

Home Equity
Line of Credit

Home Equity Loan

Access to Funds

A home equity line of credit is a revolving credit line allowing you to continually borrow up to your credit limit.

Simply write a check to access your funds.

Transfer funds online or make online payments.

Access your funds when you need them for ongoing projects such as:

  • home improvements
  • college expenses
  • financial emergencies
  • unexpected credit needs  

Loan Proceeds are disbursed in one lump sum.

Lump sum disbursement is ideal when making large purchases, consolidating debt or for other one-time credit needs.

Interest Rates

Interest rate is variable based upon the Prime Rate Index as set by The Wall Street Journal.

Rates will not fluctuate more than once a month.

Variable rate interest offers the best monthly rate in relation to economic trends. 

The interest rate is fixed at settlement and remains the same during the life
of the loan.

Lock in a competitive interest rate today
and save. 

Monthly Payments

The 1st Mariner Bank Home Equity Line of Credit has two periods, the draw period and repayment period 

Only payments of interest are required during the draw period .

During the repayment period, interest and 1% of outstanding principal balance is due each month .

Borrow more but maintain a lower monthly payment. You may choose to pay interest only or principal and interest during the draw period .

Monthly payments are fixed and remain the same during the life of the loan.
Fixed monthly payments make it easy to budget your monthly payments and offers stability with payments that never change.

Potential Tax Deductibility?

 Yes

 Yes

Overall Benefit

Flexibility 

You choose when to access funds, how to repay the loan, while taking advantage of potential tax benefits .

Stability

With fixed interest and fixed payments, this loan is easy to budget while taking advantage of potential tax benefits .

 

Home Equity FAQ | Disclosures