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Home Equity Fixed

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Overview

  • Fixed, competitive interest rate and payments for the life of the loan
  • Choice of monthly or bi-weekly payment options
  • One lump-sum based on home’s equity
  • Local decision-making and personal service, every step of the way
  • Interest may be tax deductible, consult with a tax adviser

At First Hope Bank, we know just how valuable your home can be and are here to help you take advantage of all your house has to offer. With a Home Equity Fixed Rate Loan, you can borrow funds using the equity in your home, and use it to cover a variety of expenses. Whether you’re looking to renovate your kitchen, consolidate debt, give yourself the purchasing power for a vacation home, or cover education costs, our lenders are here to get you the funding you need. 

Apply Now View Rates Home Equity Borrower Portal

General Information

Asset Documentation

  • Copies of bank, retirement, and/or brokerage account statements showing six (6) month’s reserves (for 1st liens) or nine (9) month

Home Owner’s Association Dues

  • Evidence of annual dues, if applicable

Home Owner’s Insurance

  • Copy of your declarations page with evidence of annual premium

Mortgage Statement

  • Copy of your most recent statement from your 1st lien holder, if applicable

Real Estate Taxes

  • Copy of your most recent tax bill

Second/Vacation Home

  • Copy of real estate tax bill, home owner’s insurance, home owner’s association dues, and mortgage statement from 1st lien holder, if applicable

Income Information

Salary / Hour –

  • 2 most recent year’s W-2s
  • Pay stubs covering most recent 30-day period

Self-Employed
When you have a 25%or more ownership interest in a business.

  • 2 most recent year’s W-2s
  • Pay stubs covering most recent 30-day period
  • 2 year’s signed/dated Personal Federal Tax Returns with all Schedules and Statements
  • Schedule C Businesses
    • Self-Prepared Profit and Loss
  • Schedule E Businesses
    • 2 year’s signed/dated Business Federal Tax Returns with all Schedules and Statements
    • Profit and Loss, 3rd party or staff CPA prepared

Commission

  • 2 most recent year’s W-2s and pay stubs covering most recent 30-day period or Form1099, whichever is applicable
  • 2 year’s signed/dated Personal Federal Tax Returns with all Schedules and Statements

Rental/Investment Property

  • 2 year’s signed/dated Personal Federal Tax Returns with all Schedules and Statements
  • Most recent mortgage statement from lien holder, if applicable

Retirement

  • Social Security Awards Letter
  • 401K/IRA/Pension Statement with Form 1099

Biweekly payments must be auto-debited from a First Hope Checking or Savings Account. Loan to value (LTV) on 5-15 year terms up to 80% of appraised value, less any 1st mortgage balance. LTV on 20 year term up to 75% of appraised value, less any 1st mortgage balance. Property insurance required. Flood insurance may be required. Loan on 1-4 family owner occupied residence. Subject to credit approval. Rate subject to change without notice. First and second liens only. Max loan amount is $500,000 for first lien/$350,000 for second lien. Regulation requires a full appraisal on loans over $400,000 which will be at the customer’s expense. Loans $500,000 and above require Title Insurance in the amount of the loan at the customer’s expense. There is a $60 non-refundable application fee due upon your acceptance of the Loan Estimate. There is a recording fee which varies from state to state and county to county. Inquire to find out the amount of the applicable recording fees for NJ and PA properties. Higher fees may apply for PA residents. First Hope Bank, N.A., 201 Route 94, Second Floor, Columbia, NJ 07832. Company NMLS #460885.

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