HOME EQUITY LINE OF CREDIT
Damascus Community Bank is now pleased to offer two competitively-priced Home Equity Line of Credit products.
All Home Equity Line products have the following features:
Special introductory rate offered (with approved credit)
All settlement costs waived, provided the line remains open for at least three years.
$10,000 draw required at settlement
Lines are accessed by check, with a $500 minimum draw.
Lines available for $20,000 and up
10-year draw period, during which the line may be accessed or paid down at any time.
After 10 years, no additional draws can be made and any remaining balances are termed out for 5 years.
Please do not hesitate to contact a Loan Officer with any questions.
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General Information Only
- Loans available from $20,000 up to 80% of the appraised home value
- Loan can be either a first or second lien
- 10-year fixed rate
- Amortization periods over 10 years will be considered a 10-year ARM
- Monthly Principal & Interest Payments
- No closing costs provided that the loan remains open for a minimum of two years. If the loan is paid-off, the full amount of the closing costs must be paid.
Please do not hesitate to contact a Loan Officer with any questions.
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General Information Only
- Lines available from $15,000 to $100,000.
- Line is accessed by check.
- Minimum advance is $500.
- Advances will reduce the amount of credit available.
- Five year draw period, during which the line can be advanced, paid down and re-advanced.
- Monthly payments are interest-only for the draw period. After five years, any remaining balance will be termed out into a five year installment loan with monthly principal and interest payments.
- Customer must submit updated tax returns and a personal financial statement for review annually.
- Subject to approved credit.
Please do not hesitate to contact your Loan Officer with any questions.
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CONVENIENCE LINE OF CREDIT With Overdraft Protection
(General Information)
Three easy ways to access your line of credit:
• Preprinted Line of Credit Checks
• Overdraft Protection on a DCB Personal Checking Account
• Credit (non-pinned) transactions with your Visa® Check Card
- Lines available from $2,500 to $15,000
- Advances on the line are made in $100 increments
- Monthly principal and interest payments will be equal to 2% of the outstanding balance.
- $25 annual administrative fee
- Application Required
Income verification may be required.
Subject to approved credit.
DCB Checking Account required
Please do not hesitate to contact a Loan Officer with any questions.
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DCB is now a registered broker with Countrywide! This partnership allows DCB to service customers who may require services that are outside of DCB’s traditional lending array. We are now able to offer a variety of fixed rate mortgages and non-traditional mortgage products
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