Home Equity Lines of Credit

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Home Equity Lines of Credit

Need to make a large purchase, but lacking funds? 

A home equity line of credit may be your solution. 

  • Use the equity in your home to find money quickly. 
  • Perfect for a home remodel or taking a much needed vacation.

 

First 6 months

  • Initial interest rate or Annual Percentage Rate (APR) will be locked at 1.99% for six months. 
  • No monthly payments for first six months.

*After 6 months

  • Monthly payments will begin and the monthly payment will be 1.0% of the principal balance of your loan. 
  • The interest rate on your loan will adjust. The interest rate will be tied to the Wall Street Journal Prime Rate and will adjust as the WSJ Prime Rate (currently 3.25%, subject to change) changes. The lowest that the interest rate can be reduced, after the 6-month initial period, is 4.0%. The highest that the interest rate can increase to is 18%.  
  • The interest rate is determined by your credit score. 
Greater than 800 credit score Prime - .25% (not to fall below 4%)
700 – 799 credit Score Prime (not to fall below 4%)
660-699 credit score Prime + .50% (not to fall below 4%)
630– 659 credit score Prime + 1.0% (not to fall below 4%)

           

  • Because there are no monthly payments required during the first 6 months of the loan, the first few payment(s) will be applied to the interest that has accumulated over the 6-month period. 

Closing Costs:

To qualify for no closing costs:

  • Your loan amount compared to the market value of your home can not exceed 85%.
  • Your loan amount is $100,000 or less.
  • You have your primary checking account at CVNB and your account is in good standing.

For borrowers with no checking account at CVNB, the closing costs will be the lower of actual closing costs or $499.

If the loan amount if greater than $100,000, an additional expense of title insurance will be assessed regardless if you are a CVNB customer or a non-customer.

Call or email your local lender and we’ll get the process started.

London    606.878.7010  
  Saundra Phelps

SaundraPhelps@cvnb.com

Corbin 606.528.3120  
  Diane McKeehan

DianeMcKeehan@cvnb.com

Somerset 606.676.0784  
  Davin Roberts

DavinRoberts@cvnb.com

Berea 859.985.1221  
  Bonnie Berry

BonnieBerry@cvnb.com

Richmond  859.623.2243  
  Tammy Barrel

TammyBarrel@cvnb.com

Lexington 859.268.1189  
  David Snyder

DavidSnyder@cvnb.com

Loan Terms and Conditions:

All loan requests are subject to underwriting and an approval process that considers a borrower’s credit history, employment, income, debt payments and value of the collateral. The HELOC has a term of 10 years. After 10 years, the loan matures. After the initial 6 months of the loan, you will receive a monthly invoice showing the amount to be paid. You will have until the 15th of each month to make a payment. You will be provided with checks to access funds on your Home Equity Line of Credit. You will also have the option of using on-line banking to transfer funds from the HELOC to your checking account. The minimum loan amount withdrawal on your HELOC is $100. The minimum loan amount of a HELOC is $10,000. Collateral must be a 1st or 2nd mortgage on the primary residence of the borrower.

Fees:

There is a $25 annual fee. If you decide to pay-off and terminate your HELOC and the bank paid any portion of the closing costs, there is a prepayment penalty of $200 during the first three (3) years of the loan. There is a late payment fee of 5% of the monthly payment or $19.50, whichever is greater, if the payment is 10 days late. If a check used to make a loan payment is returned, there is a $22.50 fee.

Start the application process here.

Notice: Because there is a risk that information transmitted via internet email could fall into the wrong hands, CVNB suggests that confidential information, such as account numbers or social security numbers, not be transmitted via email. Instead, please contact CVNB directly by phone or in person. Thank you.

Your home.

Your loan.

Your bank.

YOUR MORTGAGE SPECIALIST.

Why-CVNB-Photo-Couple

Why CVNB?

CVNB is a bank built by the community and for the community. We are here to serve you. Learn more about us.

block2_app

Download Our App

Banking today must work with your busy lifestyle. CVNB is now available right in your pocket!

Secondary-Mortgage-Loans-Click-Here-248x124-02

Click Here To Apply Online

Looking to purchase or refinance a home? Talk to CVNB about how we can get you the best rates around.

block4_billpay

Online Bill Pay

Put the pen down. With CVNB you can pay all of your bills online. What could be simpler?