Anchor Bank has been lending in the communities we serve for over 100 years. Even though rates and products have changed over time, our commitment to provide innovative solutions for borrowers has not. We offer a full range of products, from short-term personal lines of credit to home equity loans to jumbo construction loans, all while keeping that personal, hometown feel you would expect from a local lender.
EFFECTIVE DATE: April 3, 2017. Quoted rates and products subject to change daily without notice. Please contact us directly for the most current rates. Advertised rates are the lowest available based on credit score. Rates on some loans may be higher based on credit scores at the time of application.
Home Equity Loans
Tap into the equity that you’ve built in your home at an attractive rate and use it for home improvements, unexpected expenses, debt consolidation, tuition payments and more. Anchor Bank offers two great options.
Home Equity Loan - Enjoy a competitive fixed-rate with set monthly payments and financing up to 89% total LTV (Loan to Value).
Home Equity Line of Credit (HELOC) - This revolving line of credit allows you to pay back and borrow against it as many times as you need, whenever you need it.
- Maximum loan amount of $250,000
- Minimum loan amount of $10,000
- Maximum LTV of 89%
- For primary residences only
|Rate Type||Payment Type||Term||APR|
|Fixed||Interest Only||6 Month Introductory Rate*||2.99%|
|Variable||Interest Only||Next 9.5 Years (Draw Period)||As low as 4.50%|
|Fixed||Principal + Interest||Next 20 Years (Repayment Period)||As low as 5.00%|
|Term||Fixed Rate||APR||10 year||15 year||20 year|
|Fixed Term||4.74 - 5.74%||5.803 - 5.812%||$262.00||$194.33||$161.42|
*POWERHOUSE HELOC: The intro Annual Percentage Rate (“APR”) is fixed at 2.99% for 6 months from the date of the Home Equity Line of Credit Agreement. The APR is variable after the 6 month introductory period, and is based on an index plus a margin, and is based on credit score and Loan to Value (“LTV”) at time of application. Maximum 18% APR. Advertised APR is based on excellent credit score and maximum 70% LTV at the time of application. The monthly minimum interest-only payment will not reduce the balance through the draw period. The draw period is followed by a 20-year repayment period during which additional draws are not permitted. The APR during the repayment period will be the APR in effect at the end of the draw period, minimum 5.0%, and will be fixed during the repayment period. Annual Maintenance fee: $50 through a 10-year draw period.
**TERM HOME EQUITY: Our standard rates based on the loan to value ratio (LTV) and credit score at the time of application. The Annual Percentage Rate (APR) and payment examples shown above are based on excellent credit scores, and are calculated based on a $100,000 loan. Remaining term payment in examples above are based on scheduled payments being made on due date each month.
All loans are subject to credit approval. Other terms and conditions may apply. Available for primary residence only. Maximum LTV is 89%. Minimum Loan amount is $10,000.
Interest on home equity loans and lines of credit may be tax-deductible; consult your tax advisor. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes.
Deferred Third Party Fees: Borrower pays for appraisal if required; cost ranges from $450 to $650. Other closing costs are deferred, and will be waived unless loan is paid off or line of credit is cancelled within three years. Other third party fees range from $625-$1,000. Insurance must be maintained on the property securing this loan or line.
Home Mortgage and Custom Construction Loans
Home financing was the reason our bank was formed and is still the foundation of our lending services. Whether you’re looking to purchase a home, refinance, or build your dream home, we’ve got the loan that will meet your needs. Because there are so many options available you may wish to contact one of our home loan specialists who can help you navigate into the program that suits you best.
|New Autos||Up to 100% of NADA clean retail value||3.75%||as low as 3.975%|
|Current and prior two years||Up to 100% of NADA clean retail value||4.00%||as low as 4.225%|
|Three years and older||Up to 100% of NADA clean retail value||4.75%||as low as 4.890%|
* APR calculated on $25,000 loan, excellent credit, and shortest loan term.