Home Equity
 
 

 

AFFORDABLE FINANCING FOR YOUR BIG PLANS.

For many homeowners, borrowing against their home's equity is a practical, cost-effective way to pay for major projects and purchases. When you're ready to put your plans into action, put your home's equity to work with our low rates and friendly local service.

fund major purchase

Fund major purchases

icon Consolidate debt... and more

Consolidate debt... and more

icon Pay tuition

Pay tuition

Wedding Expenses

Wedding Expenses

HOME EQUITY LINE OF CREDIT

Pay for multiple expenses over time with our convenient Home Equity Line Credit. Access funds as needed, up to your approved limit, at any time during the draw period, and only pay interest on the funds you borrow.

  • Maximum Credit Line Primary Residence or Vacation Home: Borrow up to 80% of your home's appraised value (less your existing mortgage balance), or up to $700,000, whichever is lower
  • Maximum Credit Line Investment Properties: Borrow up to 65% of your property's appraised value (less your existing mortgage balance), or up to $700,000, whichever is lower
  • Draw Period: 10 years
  • Initial Rate: 1.99% APR for the first year if you draw 10% or more of the loan at closing
  • Rate Cap: 10.99%
  • Property Type: 1-to 4-family homes, 1-family vacation homes and condos, and co-ops3
  • No application fee, origination fee, or annual fee
  • No closing costs4
Max. Loan Amount Term (Months) Rate Annual Percentage Rate
$700,000 120 month draw period, 240 month repayment period Intro 1.99%/2.24% after the first year Prime or Prime plus .25% which is currently 3.25%/3.50% Intro 1.99%/2.24% after the first year Prime or Prime plus .25% which is currently 3.25%/3.50%

(1) Annual percentage rate. The introductory APR is fixed for one year (twelve months). After the first year, the APR is determined by Combined Loan to Value (CLTV) ratio. If CLTV is 65% or less, the rate is prime for a primary or vacation home, prime plus 0.25% for an investment property. If CLTV is greater than 65%, the rate is prime plus 0.25%. All rates can change monthly. The maximum APR is 10.99%. 

(2) The Prime APR is variable based on the U.S. Prime Rate as published in the Wall Street Journal, plus a margin (if applicable). The minimum floor APR is 3.25%. If CLTV is 65% or less, the rate is prime for a primary or vacation home, prime plus 0.25% for an investment property. HELOCs are variable rate products and rates may not exceed the maximum APR of  10.99%. The Prime Rate as of 6/01/2021 = 3.25%.

(3) Ridgewood must be the first lien holder on Co-ops. We do not make HELOCs on Investor Co-ops.

(4) Ridgewood Savings Bank will pay the applicable mortgage tax and recording fees subject to reimbursement on early termination.

Loan products and services subject to credit approval. All loans secured by a mortgage/lien on the property. Rates and terms are subject to change without notice. Rates are effective as of 6/01/2021.

LEARN MORE AND GET STARTED

Our friendly local Mortgage Consultants are here to answer your questions and make the process as simple as possible.

HOME RESOURCE LOAN

Lifestyle changes can be a great way to increase the value of your house and your quality of life. Our Home Resource Loan can help make them happen. This home equity loan lets you borrow a specific amount and receive the funds in one lump sum to pay for home renovations, repairs and practically anything else.

  • Low fixed rates and predictable monthly payments
  • Available for owner-occupied and investment properties
  • Borrow up to 80% of your home's appraised value (less your existing mortgage balance), or up to $700,000

HOME RESOURCE LOAN - OWNER-OCCUPIED PROPERTY

Term3 Maximum Loan Amount Rate
Annual Percentage Rate  
CPM4
60 months $700,000 5.000% 5.000% $18.87
120 months $700,000 5.500% 5.500% $10.85
180 months $700,000 5.750% 5.750% $8.30
240 months $700,000 6.250% 6.250% $7.31

HOME RESOURCE LOAN - INVESTMENT PROPERTY

Term3 Maximum Loan Amount Rate Annual Percentage Rate CPM4
60 months $50,000 5.500% 5.500% $19.11
120 months $50,000 6.250% 6.250% $11.23

**Ridgewood will only lend in 2nd position. The Loan to Value limits on co-ops, condos and investor properties will vary.

3 Terms over 10 years require a loan of $50,000 or more. Terms over 15 years require a loan of $100,000 or more.

4 CPM: Cost per thousand borrowed. Loan products and services subject to credit approval. All loans secured by a mortgage lien on property. Rates and terms are subject to change without notice. Rates are effective as of 6/01/2021

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MORTGAGE TOOLS AND RESOURCES

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