If you’re looking for funds to cover larger expenses, our Home Equity Line of Credit could be a good option to consider. Many homeowners tap the existing equity of their home as a source of capital for home improvement projects, educational expenses, or investment opportunities.
With Ridgewood's Home Equity Line of Credit, you can borrow up to 75% of the appraised value of your home, less your existing mortgage balance, or up to $500,000. Our Home Equity Line of Credit also features a low rate, which adjusts monthly, as opposed to the fixed rate that comes with a home equity loan.
| Loan Type |
Max. Loan Amount |
Rate |
APR |
Term (Months) |
| Home Equity Line of Credit |
$500,000.00 |
5.75%/6.00% |
5.75%/6.00% |
60 month draw period, 180 month repayment period |
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Rate is determined by Combined Loan to Value (CLTV) ratio. If CLTV is 65% or less, rate is prime plus 0.25%. If CLTV is greater than 65%, rate is prime plus 0.50%. All rates can change monthly. Maximum APR is 7% over initial rate.
Loan products and services subject to credit approval.
All loans secured by a mortgage lien on property.
Ridgewood Savings Bank will pay the mortgage tax and recording fees, generally between $175 and $9,147, subject to reimbursement on early termination. Rates and terms are subject to change without notice. Rates are effective as of 12/20/2018.
