Need cash and want to take advantage of the value in your home?
Learn about our Home Equity Loans and Lines of Credit.
- Also known as a Junior Mortgage, a Home Equity Loan is:
- a fixed-term loan
- based on your home’s equity
- able to be financed for up to 15 years
- convenient – use automatic payments from your bank accounts
- discounted based on your credit score
- You can borrow
- Up to 80% of your home’s value
- Up to 90% if we hold your mortgage
SEE RATES
Home Equity Lines of Credit
Homeowners with existing equity in their homes can take advantage of that value by turning it into a revolving line of credit.
- It’s flexible!
- apply once and use the credit over and over
- use credit as overdraft protection
- get discounted rates based on your credit score
- Fixed rate option
- a great fit for some customers
- portions of the credit are paid back over a fixed term and fixed interest rate
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Our personal lenders are ready to be of assistance. CONTACT US
Banker Insights - Norry Bank offers a creative home equity line of credit we call the option line. Our customers often use the option line for ongoing home improvements. The line allows a borrower to repay a portion of the balance over a fixed term, with a fixed interest rate. As an example, customers might take $25,000 of their option line for a kitchen remodel and put that into a fixed principal and interest payment. The following year, $10,000 for a new furnace could be structured in a different fixed principal and interest payment. The option line gives more choices, like more flexibility over how borrowers use their money, and how they pay the money back.Kelly Jo Piaskowski | AVP, Loan Operations Manager