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 PositionStart New Application Resume Application
|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.
|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.