Your home is likely your biggest asset. At Howard Bank, we understand the value of your home equity as a financial resource.

Our home equity option helps you use your home’s value to meet your financial goals. We offer:

  • Home equity lines of credit: Like a credit card, a home equity line of credit (HELOC) offers revolving credit that allows you to continually borrow up to your limit. Once approved for a specific credit limit, you can access the funds anytime. The credit automatically renews as you make payments.

    We currently offer two options:

                Interest Only
    • No existing home mortgage needed to apply.
    • Variable interest rate based on the prime rate plus 1.00%.1
    • Credit limit of up to 80% of your loan-to-value ratio with a 10-year draw period.
    • Minimum amount of $10,000 and maximum of $1,000,000.
    • 1.00% discount if you have an automatic loan payment set up out of a Howard Bank checking account.2

      Principal & Interest 
    • No existing home mortgage needed to apply.
    • Variable interest rate based on the prime rate plus 1.00%.1
    • Credit limit of up to 85% of your loan-to-value ratio on homes that have an appraised value of less than $1,000,000 with a 10-year draw period.
    • 1.00% discount if you have an automatic loan payment set up out of a Howard Bank checking account.2
    • Monthly payments are 1.00% of your outstanding balance. 
    • Minimum amount of $10,000 and maximum of $1,000,000.

With our home equity option:

  • Your primary residence serves as collateral (property pledged as security for repayment).3
  • You can use the funds however you choose for needs like home improvement, debt repayment, or small business expenses.
     

Ready to get started?

Contact your local branch  

All loans are subject to credit review and approval. Please consult your tax advisor regarding the deductibility of interest.  Rates and Terms subject to change without notice.

  1. The Home Equity Line of Credit (HELOC) Variable Annual Percentage Rate (APR), is based on the U.S. Prime Rate published in The Wall Street Journal (Prime) plus a margin. APR will vary depending on factors including but not limited to credit qualifications and loan-to-value ratio. Maximum APR 24%.  Fees: The deferred Closing Cost feature is subject to the terms and conditions stated in the Deferred Closing Costs Addendum, the Early Home Equity Line of Credit (HELOC) Disclosure and the Credit Agreement and Disclosure, which requires you to keep the account open for two years.  Prince George’s transfer tax must be paid at settlement by borrower.  If you close the account earlier, the deferred closing costs will become due and payable.
  2. A 1.00% interest rate reduction off the standard rate is available if the HELOC payment is automatically deducted from a Howard Bank checking account (at or prior to HELOC account opening).  Discount is only applicable as long as payments are set up for automated payment from a Howard Bank checking account.
  3. Eligible properties include owner-occupied 1- to 4- family properties, condominiums, and 2nd/vacation homes. Ineligible properties include, but are not limited to: investment property (defined as non-owner occupied property), a co-op, single wide mobile home, or commercial property. Home equity lines of credit are available in first or second lien positions. Not available for homes currently for sale. Adequate property insurance required.  Flood and title insurance may be required. Additional terms and conditions may apply, depending on the type and location of collateral and other terms offered or chosen.