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Utilize the equity in your home for anything you need with a Home Equity Loan or Line of Credit from Ion Bank.

Rates as of Friday, June 19, 2020

Home Equity Loan

$10,000.00 Minimum Loan Amount

Second Lien Position

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Loan Program APR Payments
5 Year 3.750% Calculate Payments
7 Year 4.000% Calculate Payments
10 Year 4.250% Calculate Payments
15 Year 4.750% Calculate Payments
20 Year 5.250% Calculate Payments

Rates include a 0.50% discount with automatic payment deduction from a Ion Bank personal checking account. If the automatic payment is terminated for any reason, the rate will increase by 0.50%. Rates are subject to change without notice.

Maximum loan is limited to 85% of appraised value less consideration of first mortgage. No closing costs means the borrower is not charged for any of the standard closing costs of the mortgage for loan amounts under $250,000. Property without a first mortgage is eligible, but attorney fees may be required at the expense of the borrower. All loans are subject to credit approval. Approval restrictions may apply.

Home Equity Line of Credit

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Loan Program APR Payments
Prime plus .50% 4.00% Calculate Payments

Prime + .50% Home Equity Line of Credit

The Annual Percentage Rate (APR) is a variable rate and is based on the Wall Street Journal’s Prime Rate plus .50%. As of March 5, 2020, Prime Rate is 3.25% and APR is 4.00%. Maximum APR that will apply during the life of this line is 18%. Minimum APR (floor) is 4.00%. The annual fee of $50 is waived and will continue to be waived as long as automatic payment deduction continues from an Ion Bank checking account. Offer is good on owner-occupied 1-4 family residences up to 80% loan-to-value. Minimum check amount is $500. Property insurance may be required. Properties listed or to be listed for sale within six months are not eligible. Rates are subject to change. Loans above $250,000 may be required to be closed by an attorney.