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Home Equity

 

Your home can help you achieve your goals ….take a vacation . . . .  
pay college expenses . . . . .a home remodeling project . . . .buy a new
car . . . consolidate other debt. 
 
Use the equity in your home to make your dreams a reality.  Tri City National Bank offers both Home Equity Loans and Home Equity Lines
of Credit to help.

At Tri City National Bank, you’ll see the benefit of our Local approach to lending. 

  • Local Approval – decision makers are located here in Southeastern Wisconsin.
  • Local Servicing – call your local lender with questions.
  • Local Processing – your loan documents stay here; they aren’t shipped to another State.

 
There are two types of home equity loans.  The structure you select will be based on your needs.

 

  Home Equity Loan Home Equity Line
Description A home equity loan has a fixed rate and term.  Perfect if you are looking for regular payments. A home equity line of credit allows you to draw funds from the line as you need them, up to your approved limit. 
How it Works Full loan amount paid at Loan Closing, with fixed monthly payments. Borrow only what you need today, re-pay it and borrow it again without re-applying.  Interest payments due only on the amount outstanding.
Best Used For Large, one-time expenses (car purchase, vacation, large home improvement project, consolidate other debts) On-going or unexpected expenses, such as tuition costs, multiple home improvement projects or emergency funds for unexpected expenses.
Interest Rate Fixed for the term of the loan.  Most home equity loans have a balloon payment at maturity, when you can renew the loan at current rates. Variable rate, tied to Wall Street Prime Rate.
Rates and Disclosures Contact a lender to learn more about the program and today's rates. Contact a lender to learn more about the program and today's rates.
Payment Monthly payments of principal and interest. Monthly interest-only payments.  
Discounts Available A .25% discount is available on your interest rate when your monthly payment is automatically deducted from a Tri City Bank checking or savings account. None
Minimum Loan Amount None None
Maximum Loan Amount $50,000 if you have no other liens against your home. None
Prepayment Prepayment can be made at any time without penalty. $200 prepayment fee if the loan is paid in full and closed n the first three years.
Collateral Primary Residence Primary Residence
Annual Fee None $50 per year.
Accessing the Funds One time, lump sum at closing. Check, online banking transfer, telephone banking transfer or contact your lender for a cashier’s check or transfer to your checking account.
Draws can be made in $1,000 increments
Balance Transfer Fees None None
 
Terms are subject to change.  Tri City National Bank's Home Equity Loans and Lines of Credit require a mortgage on your home, failure to pay your loan could result in loss of your home. Homeowner's insurance is required and flood insurance may be required on the property used as collateral.
 
 
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