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Home Equity Loans and Lines

Your home is one of your greatest assets. At 1st Mariner Bank, our loan specialists will work with you to help you obtain the lowest possible interest rates and best terms for home equity loans and lines of credit. Whether you’re funding home repairs or securing a line of credit to take care of life’s unexpected events, 1st Mariner Bank’s home equity options are designed to help meet your needs and goals. You can use your home equity loan or line of credit for whatever fits your unique situation—talk to us today to learn more.

  • Finance home improvements.
  • Consolidate bills.
  • Create 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.

Home Equity Loan vs. Line of Credit Comparison

View the chart below to learn more about these two convenient and practical financing options. You can also visit our Home Equity FAQ page.

  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.1

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

Borrow more but maintain a lower monthly payment. You may choose to pay interest only or principal and interest during the draw period.1

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 offer stability with payments that never change.

Potential Tax Deductibility?

Yes

Yes

Overall Benefit

Flexibility.
You choose when to access funds and how to repay the loan while taking advantage of potential tax benefits.2

Stability.
With fixed interest and fixed payments, this loan is easy to budget while taking advantage of potential tax benefits.2

Disclosures:

1. Rates and Closing Costs
Rates may vary and the maximum APR is 18.00%. No transaction charges or membership fees apply. Closing costs may apply. These costs generally total between $850 and $1,300 based on a median line amount of $50,000 and depending on the location of the property. The No Closing Cost feature is subject to the terms and conditions stated in the Addendum to Home Equity Line Agreement, Disclosure and Note. 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. 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. Adequate property insurance is required. Prime as of December 1, 2013 is 3.25%. The interest rate varies with prime, at 0.75% over prime.

2. Tax Advantage
You may be able to deduct 100% of your Home Equity Loan or Line of Credit interest on your income tax returns. Remember to consult your tax advisor to determine whether your Home Equity interest is tax deductible.



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