Visa Home Equity
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 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 appraised 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*.
This product offers convenient access to your credit line using your VISA Home Equity Card, Home Equity Checks, CALL 24 or Personal Branch. Westmark does NOT charge any origination, processing, draw or annual fees! In most cases, the cost of the appraisal, title insurance, and other third party fees will be paid on your behalf by Westmark.**
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.
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.
**For loan amounts from $5,000 to $75,000, Westmark will pay for the appraial fee, title insurance, and other third party fees associated with your loan, subject to your reimbursement to Westmark of these fees if you pay off your loan early (within 36 months). Third party fees on home equity loans exceeding $75,000 must be paid by the member. Contact a loan officer for more details.