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Lines of Credit
Take Control with OptionLine, our Home Equity Line of Credit!
OptionLine is a line of credit that allows you to convert all or some of your floating rate balances to a FIXED RATE, FIXED TERM loan, at any time. Talk to us about the details!
- Flexible: Use it as both a floating rate line of credit and a fixed rate loan.
- Affordable: A competitive variable rate that follows market conditions.
- Convenient: Cash available whenever you need it. FREE checks are provided to access funds.
- Various Plans: You may qualify for a line amount of up to 80% of the value of your home, less any existing mortgage debt. Ask us about programs for home owners with only a small amount of equity available.
- Overdraft Protection available
- One monthly statement
How Does OptionLine Work?
You begin with a line of credit that has a variable rate. As you draw from your line of credit, you can lock in the amount that you have drawn at a FIXED INTEREST RATE and a FIXED MONTHLY PAYMENT at anytime! Use the remaining portion of the line of credit available for future needs!
OptionLine - Real Estate - Primary Residence
Primary Residence Real Estate within Swineford National Bank's lending area may be held as collateral for an OptionLine. We may lend up to a total LTV of 80% of the current market value of your real estate.
OptionLine - Primary Residence Rates
| Description | APR |
|---|---|
| OptionLine - Primary Residence | 3.99% |
OptionLine - Primary Residence Disclosure
The product is a variable rate line of credit secured by the primary residence and not exceeding 80% loan to value ratio. The advertised 3.99% APR (Annual Percentage Rate) applies to new lines of credit of $5,000 or more and automatic deduction of payment from a deposit account with Swineford National Bank and this is our standard rate. The standard APR will be based on the Wall Street Journal Prime (WSJP) as published daily plus .50%, or the minimum APR of 3.99%, whichever is greater. APR may increase if automatic payment is discontinued. The standard APR without automatic payment is based on the WSJP as published daily plus 1.00% or the minimum APR of 3.99%, whichever is greater. Depending on credit qualifications and payment option selected, APRs may range from 3.99% (Minimum) to 6.75% (WSJ Prime plus 3.50%). Maximum APR is 18.00%.
This account has a fixed rate option. This rate may vary, but once established as a new Fixed Rate Advance, will not vary thereafter. Current fixed rate APRs with automatic deduction of payment from a deposit account with Swineford National Bank range from 5.74% to 9.49% depending on credit qualifications and loan term selected. APRs without automatic payment are .50% higher. A $100 rate lock fee applies each time you establish a Fixed Rate Advance.
Closing costs for lines of credit up to $500,000 typically range from approximately $104 to $514 depending on line amount, appraisal requirements and property location. Any closing costs initially paid by the bank on the customer’s behalf, must be paid by the customer if the account is closed within 3 years. Borrower must pay any mortgage satisfaction fees at loan termination. Property insurance is required.
Rates may change. Applications are subject to credit approval.
How is the equity in your home determined?
Example based on 80% financing:
| Appraised value of home: | $200,000 |
| 80% of appraisal: | .80 |
| Equals: | $160,000 |
| Less first mortgage: | -$125,000 |
| Home Equity Equals: | $35,000 |
OptionLine - Real Estate - Non-Primary Residence (not your home)
Real Estate, other than your primary residence within Swineford National Bank's lending area, may be held as collateral for an OptionLine. We may lend up to a total LTV of 75% of the current market value of your real estate.
OptionLine - Non-Primary Residence Rates
| Description | APR |
|---|---|
| OptionLine - Non-Primary Residence | 5.99% |
OptionLine - Non-Primary Residence Disclosure
Equal Housing Lender. Equal Opportunity Lender. The product is a variable rate line of credit secured by real estate that is not your primary residence and not exceeding 75% loan to value ratio. The advertised 5.99% APR (Annual Percentage Rate) applies to new lines of credit of $5,000 or more and automatic deduction of payment from a Swineford National Bank deposit account and this is our standard rate. The standard APR will be based on the Wall Street Journal Prime (WSJP) as published daily plus 2.00%, or the minimum APR of 5.99%, whichever is greater. APR may increase if automatic payment is discontinued. The standard APR without automatic payment is based on the WSJP as published daily plus 2.50%, or the minimum APR of 5.99%, whichever is greater. Depending on credit qualifications and payment option selected, APRs may range from 5.99% (Minimum) to 8.25% (WSJ Prime plus 5.00%). The maximum APR is 18.00%.
This account has a fixed rate option. This rate may vary, but once established as a new Fixed Rate Advance, will not vary thereafter. Current fixed rate APRs with automatic deduction of payment from a deposit account with Swineford National Bank range from 6.99% to 9.99% depending on credit qualifications and loan term selected. APRs without automatic payment are .50% higher. A $100 rate lock fee applies each time you establish a Fixed Rate Advance.
Closing costs for lines of credit up to $500,000 typically range from approximately $104 to $514 depending on line amount, appraisal requirements and property location. Any closing costs initially paid by the bank on the customer’s behalf, must be paid by the customer if the account is closed within 3 years. Borrower must pay any mortgage satisfaction fees at loan termination. Property insurance is required.
Rates may change. Applications are subject to credit approval.
How is the equity in your non-primary home determined?
Example based on 75% financing:
| Appraised value of home: | $200,000 |
| 75% of appraisal: | .75 |
| Equals: | $150,000 |
| Less first mortgage: | -$125,000 |
| Home Equity Equals: | $25,000 |
OptionLine - Certificate of Deposit/Stock Certificate Secured
- Swineford National Bank Certificates of Deposit may be held as collateral for an OptionLine. We can lend up to 100% of the value of the certificate.
- Shares of stock in the form of stock certificates of nationally listed and traded companies may be held as collateral for an OptionLine. We can lend up to 75% of the current market value of the shares of stock.
OptionLine - CD/Stock Secured Rates
| Description | APR |
|---|---|
| OptionLine - CD/Stock Secured | 4.49% |
OptionLine - CD/Stock Secured Disclosure
Equal Housing Lender. Equal Opportunity Lender. The product is a variable rate line of credit secured with Swineford National Bank Certificates of Deposit (not exceeding 100% loan to value ratio) or Stock Certificates (not exceeding 75% loan to value ratio). The advertised 4.49% APR (Annual Percentage Rate) applies to new lines of credit of $5,000 or more and automatic deduction of payment from a Swineford National Bank deposit account and this is our standard rate. The standard APR will be based on the Wall Street Journal Prime (WSJP) as published daily plus .50%, or the minimum APR of 4.49%, whichever is greater. APR may increase if automatic payment is discontinued. The standard APR without automatic payment is based on the WSJP as published daily plus 1.00%, or the minimum APR of 4.49%, whichever is greater. Depending on credit qualifications and payment option selected, APRs may range from 4.49% (Minimum) to 6.75% (WSJ Prime plus 3.50%). The maximum APR is 18.00%.
This account has a fixed rate option. This rate may vary, but once established as a new Fixed Rate Advance, will not vary thereafter. Current fixed rate APRs with automatic deduction of payment from a deposit account with Swineford National Bank range from 5.74% to 9.49% depending on credit qualifications. APRs without automatic payment are .50% higher. A $100 rate lock fee applies each time you establish a Fixed Rate Advance.
Rates may change. Applications are subject to credit approval.
OptionLine - Unsecured
An unsecured OptionLine can help pay for home improvements, a vacation, college tuition, or any other expense. You can also use an unsecured OptionLine to consolidate your credit card debt.
Applicants for our Tier 1 product must meet specific qualification standards.
Advantages:
- No collateral required
- Affordable payments
OptionLine - Unsecured Rates
| Description | APR |
|---|---|
| OptionLine - Unsecured - Tier 1 | 7.99% |
| OptionLine - Unsecured - Tier 2 | 11.99% |
OptionLine - Unsecured Disclosure
Equal Housing Lender. Equal Opportunity Lender. The product is an unsecured variable rate line of credit.
Tier 1 - The advertised 7.99% APR (Annual Percentage Rate) applies to new lines of credit of $5,000 or more and automatic deduction of payment from a Swineford National Bank deposit account and this is our standard rate. The standard APR will be based on the Wall Street Journal Prime (WSJP) as published daily plus 4.00%, or the minimum APR of 7.99%, whichever is greater. APR may increase if automatic payment is discontinued. The standard APR without automatic payment is based on the WSJP as published daily plus 4.50%, or the minimum APR of 7.99%, whichever is greater. Depending on credit qualifications and payment option selected, APRs may range from 7.99% (Minimum). The maximum APR is 18.00%.
Maximum line amount is $7,500.00. Minimum credit score of 710 required.
Tier 2 - The advertised 11.99% APR applies to new lines of credit of $5,000 or more and automatic deduction of payment from a Swineford National Bank deposit account and this is our standard rate. The standard APR will be based on the Wall Street Journal Prime (WSJP) as published daily plus 8.00%, or the minimum APR of 11.99%, whichever is greater. APR may increase if automatic payment is discontinued. The standard APR without automatic payment is based on the WSJP as published daily plus 8.50%, or the minimum APR of 11.99%, whichever is greater. Depending on credit qualifications and payment option selected, APRs may range from 11.99% (Minimum) to (WSJ Prime plus 8.50%). The maximum APR is 18.00%.
Maximum line amount is $7,500.00. Minimum credit score of 710 is required.
This account has a fixed rate option. This rate may vary, but once established as a new Fixed Rate Advance, will not vary thereafter. Current fixed rate APRs with automatic deduction of payment from a deposit account with Swineford National Bank range from 13.00% to 13.25% depending on credit qualifications. APRs without automatic payment are .50% higher. A $100 rate lock fee applies each time you establish a Fixed Rate Advance.
Rates may change. Applications are subject to credit approval.
To apply or obtain more information about our Personal Loans, Home Equity Loans or OptionLine, call us at 570.743.7786 or 1.866.SNB.1903 (1.866.762.1903) .
Equal Housing Lender. Equal Opportunity Lender.
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