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Loan Department
Visa Home Equity Cards-put the equity of your home in a credit card.
Westmark offers two ideal options for financing home improvements, your child's education, or other large expenditures.
If you want a fixed rate loan, check out our Second Mortgage Loan option. If you are more interested in convenience and
don't mind a variable rate, check out our VISA Home Equity Line.
Both are secured by a Deed of Trust on your primary residence and the interest you pay is tax deductible in most cases
(consult your tax advisor for details).
Qualifying for a VISA Home Equity Line or Second Mortgage is based on your credit history and the equity in your home. You may qualify for a credit amount based on the equity in your home for up to 85% of the home evaluation, less your first mortgage.
This means that if the appraisal value of your home is $100,000 and your first mortgage balance is $50,000, you are eligible for up to a $35,000 advance on a Second Mortgage Loan, since 85% of your home's value is $85,000*.
For more information or to apply for a Home Equity Loan, just contact a Loan Officer at any branch.
*The actual loan amount and Loan-To-Value you qualify for may vary based on your credit and the amount of your first mortgage. All loans OAC.
This product offers convenient access to your credit line using your VISA Home Equity Card, Home Equity Checks, CALL 24, or Personal Branch. No origination, processing, draw or annual fees. Westmark will waive an appraisal and pay all costs associated with closing your loan such as title policy, flood hazard determination and recording fees for lines under $75,000. For lines over $75,000, your costs may include appraisal and closing costs.
The minimum credit line is $5,000.
Your annual percentage rate will not increase or decrease more than 2% each year and cannot increase above 5% of your initial rate throughout the life of your VISA Home Equity Line. At any time, the minimum rate on the account is 4.00% APR. You have draw privileges for seven years from the origination date, with an option for renewal. Your low minimum payment is only 1.5% of the outstanding balance or $100, whichever is higher.
Visit any of our loan officers for more information. All loans are on an approved credit basis.
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