Personal Banking

Home Equity Credit Line

Access your equity when you want it!

Use the equity in your home for home improvements, debt consolidation, college tuition, a vacation, to buy a car, or any other purpose.

NJM Bank offers a "Prime Access Reserve" Home Equity Credit Line with a competitive rate and draw period that can help you achieve these goals!

A home equity credit line is a lot different from a standard fixed-rate loan. You may borrow money up to a certain limit, but you don't have to use the entire line immediately and incur interest charges on the full amount. Instead, write a check drawn on the account for the amount you need now and pay interest only on that amount. If you need more later, write another check! It's that simple!

NJM Bank's "Prime Access Reserve" Home Equity Credit Line has a Variable Annual Percentage Rate (APR) indexed to the Prime Rate as published in the Wall Street Journal monthly, subject to a minimum and a maximum rate. The APR may vary each month, but will not go below our floor of 4.75% APR or above a maximum of 17.50% APR. Minimum credit line amount is $10,000, up to a maximum of $200,000.

Plus, the interest you pay on your home equity credit line may be tax deductible. (Consult your tax advisor regarding the deductibility of interest.)

NJM Bank's "Prime Access Reserve" Home Equity Credit Line features:

• A fast and easy application process.
• No account opening fees - no application fees, appraisal fees, closing costs or points to pay, and no annual maintenance or inactivity fees.*

• No escrows on first-lien credit lines. Borrowers pay their own real estate taxes, homeowners insurance and flood insurance (where required).

  NJM Bank’s Savings for the Future deposit account can serve as a great tool to help you set aside funds to pay taxes and insurance.

• Low monthly payments with Annual Percentage Rates fully indexed to the Prime Rate.
• 15-year draw period, which allows you the ability to obtain credit advances on your line for 15 years - most other banks only have a 5, 7 or 10 year draw period.

Special Stewardship Banking Rewards!

Take advantage of a 0.76% discount below the Prime Rate for the life of your "Prime Access Reserve" Home Equity Credit Line when you link your credit line to your new or existing Stewardship Checking account and auto-withdraw your payment from that same account. View Stewardship Banking products and features to determine if you qualify.

View current Home Equity Rates & Policy. Or, if you’re ready Apply Now online.

Call one of our loan representatives at 1-877-NJM-BANK (1-877-656-2265), Extension 3737 for additional details.

*A $300 early termination fee will be assessed on credit lines that close and/or pay off within two years of the contract origination date for reasons other than default, casualty loss, or refinance with NJM Bank. Homeowners insurance from the insurer of your choice is required. Further, Federal flood insurance is required for any property located in a designated flood zone.