Home Equity

Loans

Home Equity

Using the equity in your home to pay for major expenses is an easy and smart financial strategy that can save you money with low rates. The interest you pay may even be tax-deductible. Consult your personal tax advisor to learn more.

Regardless of the need, Rondout Savings Bank will help you determine which home equity solution fits your individual needs. We offer both a fixed rate loan or flexible line of credit, each offering competitive interest rates and flexible repayment terms. At Rondout Savings, all credit decisions are made locally in a timely, professional and accurate manner.

Home Equity Fixed Rate

This loan allows you to borrow against the equity you have built in your home, offering a competitively priced fixed interest rate, fixed term and payments. These features provide you the peace of mind in budgeting and protects you against interest rate fluctuations.

Fixed Rate Interest Rate Annual Percentage Rate (APR) Monthly Payment per $1000
1-5 Years 4.375% 4.375% $18.59
6-10 Years 4.625% 4.625% $10.42
11-15 Years 5.125% 5.125% $7.97
16-20 Years 5.375% 5.375% $6.81

The stated rate is discounted by .25% and includes a requirement that loan payments be automatically deducted from a Rondout Savings Bank checking account. The APR contains interest and no other closing costs. Hazard Insurance is required. For loan amounts under $125,000: if you pay off the loan within three years you may be required to reimburse the bank for a portion of the fees paid in conjunction with the loan closing. All rates are subject to change without notice. All loans are subject to credit approval.

Home Equity Line of Credit

Opening a Rondout Savings Bank home equity line of credit allows you to borrow against the equity in your home - enabling you to pay for major items, such as education, home inprovements, or medical bills. A Home Equity Line of Credit (HELOC) gives you ongoing access to your loan money. As you repay the borrowed amount, you can use it again during the initial draw period.

This is a variable rate that may change and is based on the Prime Rate published in the “Money Rates” section of the Wall Street Journal. All lines may be subject to a floor of 4%. The maximum rate that may apply is 14.90% APR. The rate may be adjusted monthly. The APR contains interest and no other closing costs. Hazard Insurance is required. For loan amounts under $125,000: if you pay off the loan within three years you may be required to reimburse the bank for a portion of the fees paid in conjunction with the loan closing. All rates are subject to change without notice. All loans are subject to credit approval.