Home Equity and Installment Loans

The equity you have built in your home can help you obtain money for almost anything you need-fund a college education, pay for a wedding, take a great trip, get a new car, or maybe you'd just like to consolidate your bills.

• Home Equity Loan- A Home Equity Loan has the security of a fixed rate and fixed payment for a fixed amount of time.
• Home Equity Line of Credit (HELOC) - A HELOC is very useful if you anticipate expenses over a period of time. During the draw period the payments due are interest-only*. This allows you to make discretionary principal payments at any time. You have up to 10 years to pay back the equity line upon the completion of your draw period.

Home Equity Loan

• Fixed rate
• No annual fee
• Maximum loan-to-value (LTV) ratio is 80% based on a property evaluation as may be required by Columbia Bank
• Fixed repayment period: 5,10, 15-year amortization terms available
• One lump sum—all monies are received at once.  Good for funding large purchases such as home remodels, vacations, weddings or other one-time purchases
• Ideal if you want fixed monthly payments and have a specific amount you want to borrow
• Available for owner-occupied, single-family residence**
• Minimum loan amount is $5,000
• Receive funds upon closing

Home Equity Line of Credit (HELOC)

• Variable rate and fixed rate options. The variable rate HELOC has a fixed rate conversion option
• $75 annual fee
• Maximum loan-to-value (LTV) ratio is 80% based on a property evaluation as may be required by Columbia Bank
• Variable rate HELOC is a revolving line, with a 10-year draw period followed by a 10-year repayment period, during which time no further draws are allowed.  Interest only payments are due during the draw period and fully amortizing principal and interest payments are due during the repayment period.*
• The Fixed rate HELOC is a revolving line with a 5-year draw period, followed by a 10-year repayment period during which time no further draws are allowed. Interest only payments are due during the draw period, and fully amortizing principal and interest payments are due during the repayment period.
• Access your funds using line of credit checks or make withdrawals at your local branch
• Continuous borrowing is available for funding ongoing expenses such as education and projects
• Ideal if you prefer to borrow only when money is needed.
• Available for owner-occupied, single-family residences**
• Minimum line of credit loan amount is $5,000
• Upon closing, you can access funds when needed