Home Equity Loans
Riverview offers Home Equity Lines of Credit and Loans to meet our customers needs.
Benefits:
- Competitive interest rates
- Minimum payments accrued interest only
- Low annual fee
- Checks for easy access to funds
- Interest on loans may be tax deductible*
Home Equity Line of Credit
For customers who want flexibility and convenience in a revolving line of credit product with tax advantages. Suggested uses include: autos, recreational vehicles, boats, travel trailers, vacation, wedding, remodel or home improvements, bill consolidation. This can be used on Primary Residence only.
- Maximum Loan to Value: Up to 90%
- Minimum: $10,000
- Terms: 10-year draw period followed by a 15-year repayment period
- Minimum Payment: Interest only during draw period 10 years. Repayment period 20 years with fixed rate.
- Annual Fee: $50, waived the first year
- Termination Fee: $500 - for lines closed in the first 3 years
- Loan Fee: $0 for loans under $100,000 - except appraisal and or escrow fees if needed, Over $100,000 - Title and/or escrow Fee, Credit Report Fee, Recording Fees, Tax Service Fee, Flood Tracking Fee, etc.
Fixed Rate Home Equity Loan
For customers who want the long-term security of a fixed rate and payments along with the tax advantages of a home equity loan. Suggested uses include: autos, recreational vehicles, boats, travel trailers, vacation, wedding, remodel or home improvements, bill consolidation. This can be use on both Primary Residences or Second homes.
- Maximum Loan to Value: Up to 80%
- Minimum: $10,000
- Terms: Up to 15-years
- Minimum Payment: Amortized
- Annual Fee: None
- Origination Fee: $500
- Fees: Typical closing fees
Please include the following items when submitting your completed application: verification of your earnings, current tax assessment, evidence of your homeowners insurance, and picture identification.
* Please consult your tax advisor regarding the deductibility of interest and charges.
Loan products subject to credit approval. Other terms, conditions, restrictions & fees may apply. Full documentation, title & property insurance required. Flood insurance required if property is located in a Special Flood Hazard Area. HELOC Interest rates are variable and based on the Wall Street Journal Prime Rate (the "Index") plus a margin. The margin is based on the approved loan amount and our evaluation of your credit history. Payment amount will change as rates change.