Home Equity - Second Mortgage Loans
Home Equity Fixed Rate
Our closed end, fixed rate second mortgage loans offer a term up to 180 months at varying rates depending on your desired term and/or loan-to-value. Please refer to our current interest rate page for our loan to value requirements. Apply NOW!
Home Equity - VISA Platinum
SunWest is proud to offer our Home Equity Line of Credit Loan with the VISA Platinum Preferred Credit Card. The VISA Platinum Preferred Credit Card is attached to our Home Equity Line of Credit, secured by a second mortgage on your home.
Depending on the current value of your home less any encumbrances, we can lend you up to a maximum of $100,000. Please refer to our current interest rate page for our current loan to value requirements.
No closing costs**, no points or balloon payments required. No
annual fees or other hidden charges. The draw period for advances
is a maximum of 60 months. At the end of the draw period your loan
may be placed into the 10 year repayment mode.
With the VISA Platinum Preferred Credit Card,
- We offer a 25 day grace period on purchases, if the balances are paid in full each month.
- Loan drafts are also available to access your line of credit, at no additional cost to you.
- Monthly payments are very low with a required payment of only 1.50% of the outstanding balance per month.
- The interest rate on our Home Equity Line of Credit is variable and tied to Prime Rate, with no margin. We have a floor of 4.50% APR* and a maximum of 18% APR*.
- And, because the VISA Platinum Preferred Credit Card is secured by the equity in your home, you may be able to take a tax deduction on the interest you pay. However, we suggest you consult with your tax advisor.
And, with the VISA Platinum Preferred Credit Card, you also gain other recognized features when you carry this credit card.
Track and redeem your Scorecard Bonus Reward Points On-Line. Browse the Merchandise or Travel catalogs, find out how many Bonus Points you have earned, and redeem those points, all in one site.
- Prestige and Status of carrying the Platinum Credit Card
- Extra Service Features
- Purchase Assurance
- Extended Warranty
- Car Rental Insurance Coverage
- And many more features are included with this program
- Earn Bonus Reward Points
- Earn one point for every net dollar of purchases made. Points are redeemable for merchandise - even airline tickets. You can accumulate points for up to 5 years as long as the draw period remains open and the credit card is active.
The VISA Platinum Preferred Credit Card and the equity in your home can be used as a 'financial management' tool to:
- Maximize your tax deductions (consult your tax advisor)
- Consolidate your debt to lower your monthly payments
- Control and manage your debt all in one place
- Borrow or advance on your line of credit anytime, without having to apply for a new loan
- Peace of mind that emergency funds are immediately available
DON'T THINK OF OUR HELOC LOAN AS ONLY A 2ND MORTGAGE LINE OF CREDIT...THINK OF OUR HELOC AS A 'SECURED' CREDIT CARD. Apply NOW!
*APR = Annual Percentage Rate
**Loan must remain open for at least 2 years and an original draw of $1,000.00 must be taken to avoid repayment of origination fees.
When Your Home Is On The Line
HELOC TIL Disclosure