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Find locally-sourced financing as close as your own home. Your equity can help you pay for remodeling, college tuition, and more.

Key Features

  • Competitive rates for several short-term or one-time needs:
    • Education expenses
    • Major life events
    • Home remodel projects
    • Debt consolidation
    • And much more
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • The interest paid might be tax deductible1
  • Local decision-making and processing just down the street
  • Attentive, friendly service from start to finish
  • Competitive rates for several ongoing or seasonal needs:
    • Education expenses
    • Major life events
    • Major home improvements
    • Debt consolidation
    • Emergency reserve
    • And much more
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • Funds available anytime without reapplying; apply once, then use repeatedly thereafter
  • Revolving credit – as principal is repaid, more becomes available for use
  • Funds easily available via check, online transfer to deposit account, or in person at Bank Financial Center
  • The interest paid might be tax deductible1
  • Set up automatic payments to be deducted from your account monthly
  • Local decision-making and processing just down the street
  • Attentive, friendly service from start to finish

1Consult a tax advisor.

5.70% APR*

*Annual Percentage Rates (APRs) effective as of 08/01/18. Rates are variable and subject to change. The APR may vary based on The Wall Street Journal "Prime Rate" (Prime) as published on the first day of the month.  Minimum APR is 4.00% (floor rate) and maximum APR is 25.00%. Rate and terms may change at any time and vary by property type, loan amount, credit history, loan-to-value ratio, and advance amount at closing.  Property insurance required and flood insurance may be required. 

*Interest Rate Ranges listed include a preferred interest rate reduction discount of 0.25% with an automatic payment from an OFBC deposit account. If the automatic payment is not confirmed or is discontinued, 0.25% will be added to the interest rate.

  • Annual fee is $50.00.
  • Property insurance is required.
  • Flood insurance may be required.
  • Consult your tax consultant regarding tax deductibility of interest and charges.
  • Reimbursement of up to $700.00 in actual closing costs (waived at loan origination) will be assessed if the Line of Credit is closed within 3 years of loan consummation.
  • A lien release fee of $32.00 will be assessed at loan termination.
  • $275.00 appraisal fee deposit is required. If your loan closes, your deposit will be refunded.
  • Offer good on all new OFBC Lines of Credit. Offer subject to qualification and approval and may be withdrawn or subject to change at any time.

Important considerations when managing Interest-Only Payments:  The interest rate on a home equity line of credit is variable; therefore, your monthly interest-only payment may change with market rates.  Your principal balance is only reduced when you make voluntary principal payments during the 5 year draw period of your home equity line of credit.  At maturity, any remaining account balance outstanding will be due in a single balloon payment.  At that time, the bank may, but is not obligated to, refinance the line of credit. 

Subject to credit and property approval.