A Home Equity Loan (also called a Second Mortgage or a Second Trust Deed) is available with a fixed or adjustable interest rate.
Home Equity Lines and Loans (Second Trust Deed)—owner-occupied, California only
Make home improvements, take a trip, or fund any big expense without worrying about access fees or high interest rates. Finance your plans easily with a Home Equity Loan or Line of Credit (HELOC).
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A Home Equity Line of Credit (HELOC) allows you to obtain multiple advances of the loan proceeds at your discretion, up to a specified percentage of the equity in your home.
A fixed-rate Home Equity Loan allows you to borrow, in a lump sum, up to a specified percentage of the equity in your home.
An adjustable-rate Home Equity Loan allows you to borrow a lump sum up to a specified percentage of the equity in your home.
* Fixed-rate mortgage payment examples assuming a $300,000 loan: 10-year mortgage at 3.434% APR—120 monthly payments at $2,947.80; 15-year mortgage at 3.547% APR—180 monthly payments at $2,145.00; 20-year mortgage at 3.915% APR—240 monthly payments at $1,798.20; and 30-year mortgage at 4.156% APR—360 monthly payments at $1,453.80. Loan payments do not include taxes and insurance.
** 15-year adjustable-rate home-equity loan rates range from 4.809% APR to 9.750% APR. The APR is variable, based on an index and margin. On a loan of $300,000 at 4.809% APR, you would make 180 payments of $2,333.70 over 15 years. Loan payments do not include taxes and insurance.
*** Home-equity lines of credit rates may range from 4.500% APR to 5% APR. These rates are variable and the maximum APR that could apply is 18.000%. The maximum term is 25 years, which includes a 10-year draw period and a 15-year repayment period. For lines exceeding $250,000, closing and appraisal fees may apply in the range of $800 to $1,200. There may be an early closure fee of $500 for home equity lines closed within the first two years of origination.
**** For a 15-year fixed-rate home-equity loan of $300,000 at the current rate of 4.936% APR, you would make 180 payments at $2,352.60 over 15 years.
***** ARM mortgage loan rates may range from 4.326% APR to 4.299% APR during the initial fixed-rate period, which may be 3, 5, 7 or 10 years. The APR is subsequently variable, based on an index and margin, for the remainder of the 30-year term. For example, on a 30-year 3/1 ARM loan of $300,000 starting at 4.326% APR, you would make 36 payments of $1,368.30 during the intial three-year fixed-rate period. Loan payments do not include taxes and insurance.
****** The amount of the equity loan and the amount of the first-trust deed may not exceed 80% of the market value of the home up to $1,000,000. You must provide adequate insurance and a clean title to the property so that the Star One equity line will appear in second position.