Home Equity

Home Equity

Do you need financial assistance to cover urgent home repairs, a medical emergency, or your child's college education? Sutton Bank Home Equity Loans or Home Equity Lines of Credit (HELOC) could be the answer to your prayers.

Home Equity Loans are available with a fixed rate or variable revolving line of credit secured by the mortgage on your primary residence. With qualifying credit, the loan amount can be as much as 80% of your home's current market value! Whatever loan amount you qualify for, it will be given in one lump sum, enabling you to address serious needs, seriously fast.

Much like Home Equity Loans, Home Equity Lines of Credit are established by making timely mortgage payments, or adding sweat equity through renovations and improvements. However, once a line of credit has begun, it can be withdrawn from at any time. This offers greater spending flexibility for ongoing needs.

Home Equity Loans
  • Competitive rates for several short-term or one-time needs:
  • Education expenses
  • Major life events
  • Home remodel projects
  • Debt consolidation
  • And much more!
  • The existing equity in your home is used as collateral backing
  • The interest paid might be tax deductible*
  • Repayment terms customized to fit your unique needs
  • Local North Central Ohio decision-making and processing
  • Attentive, friendly service from start to finish

*Consult a tax advisor.

Home Equity Lines of Credit
  • Competitively low loan rates for ongoing or seasonal needs*
  • Education expenses
  • Major life events
  • Major home improvements
  • Debt consolidation
  • Emergency reserve
  • And much more!
  • The existing equity in your home is used as collateral backing
  • The interest paid might be tax deductible**
  • Low monthly payments
  • Set up automatic payments to be deducted from your account monthly – at what date?
  • Write up to 24 checks from this account per year
  • Annual fee of $45***
  • Repayment terms tailored to fit your needs — up to 120 months
  • Local North Central Ohio decision-making and processing
  • Attentive, friendly service from start to finish

*Variable APR is based upon the Wall Street Journal Prime Rate. The maximum APR is 18%. Other rates and terms available. Property, title, and/or flood insurance may be required.

**Consult a tax advisor.

*** Borrower must pay all applicable closing costs, which can range from $0 to $450.