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%.
    • Credit limit of up to 80 percent of your loan-to-value ratio with a 15-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.

      Principal & Interest 
    • No existing home mortgage needed to apply.
    • Variable interest rate based on the prime rate plus 1.00%.
    • 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 15-year draw period.
    • 1.00 percent discount if you have an automatic loan payment set up out of a Howard Bank checking account.
    • 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:

  • You don’t have to have a mortgage with Howard Bank to apply.
  • Your primary residence serves as collateral (property pledged as security for repayment).
  • You can use the funds however you choose for needs like home improvement, debt repayment or small business expenses.

All Loans Subject to Credit Approval

Disclosures:

1. Additional Disclosure Information about Your Home Equity Line of Credit  
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. Tax Deductibility  
You should consult a tax advisor regarding the deductibility of interest and charges under the plan.