Home Equity Loans

Unlock the power of your home's equity to achieve your dreams.

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Your home is about to repay you for everything you've done for it.


Pay for home improvements or a family vacation. Cover college bills, medical costs or make a major purchase. Your home's value helps unlock the door to a low-cost loan or a convenient line of credit that can be used for pretty much any purpose.








A few reasons to consider tapping into your home's equity:


  • Home Equity Loan or Line of Credit limit depends on the equity you have in your home (Equity is the current market value minus your outstanding mortgage balance)
  • Competitive rates
  • Flexible repayment periods
  • Often used to pay down higher interest debt or credit card balances
  • Work with experienced lenders who will assist you throughout the application process

With our Home Equity Line of Credit (HELOC) or Home Equity Loan, you can access the funds you need to consolidate debt, renovate your home, further your education, or take the dream vacation you've always wanted.

A Home Equity Loan provides a fixed interest rate, fixed loan amount and a fixed monthly payment, making it easier to factor in your budget. A home equity loan draws on the equity in your home for you to use towards things you want or need most in life. 
 
  • Get money upfront in lump sum
  • Fixed-interest loan with stable monthly payments
  • Flexible payment terms 
  • Borrow up to 85% of your home's equity
  • Closing costs will vary with loan amount and are due at the time of closing

This loan type draws on the equity in your home for you to use towards things you want or need most in life. 
 
A Home Equity Line of Credit (HELOC) is a revolving line of credit with a variable interest rate that allows borrowers to draw and repay funds as needed. A HELOC draws on the equity in your home for you to use towards things you want or need most in life. 
 
  • Get access to a loan fund that you can tap into time and time again
  • Variable rate loan, equal to the highest Prime Rate published in the Wall Street Journal
  • Closing cost credits of up to $2,000
  • 10-year borrowing (or "draw") period, followed by 20-year repayment period
  • Easy access to funds through Online Banking, Mobile Banking, checks or at Shore United Bank branches
  • Option to make interest-only payments during draw period
  • As funds are repaid, they can be used again in the future for other purposes
  • Interest on Home Equity Lines of Credit can be tax deductible. Consult your financial advisor.
  • Portion of Home Equity Line of Credit can be converted to fixed-rate, fixed term loan2

This loan type draws on the equity in your home for you to use towards things you want or need most in life. 

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1 A variable rate equal to NY Prime Rate as published in the Wall Street Journal, 8.50% Annual Percentage Rate (APR) eff­ective 07/27/23. (The maximum APR is 24%). A 10-year draw period with interest-only repayment during draw period (optional). Followed by 20-year repayment period with a minimum monthly payment equal to 0.42% of principal balance plus accrued interest or $100, whichever is greater. Available to primary and secondary residences only. Maximum LTV is 85%. Closing costs: Fees and charges generally associated with a HELOC total between $549.00 - $3,539.00. Shore United Bank will provide a closing cost credit to cover total closing costs up to $2,000.00. If your closing costs exceed $2,000 you will have the option of paying directly or from an initial draw against the line. Any third-party fees paid on your behalf will be required to be reimbursed in the event the loan is paid off­ and closed within 36 months of the loan date. We are happy to provide an itemized statement of fees upon request. Borrower must maintain insurance on the property securing the credit.

2Minimum Fixed Rate Conversion loan amount is $1,000. Interest rate will be determined at time of conversion and shall be a fixed rate equal to WSJ Prime + .50% for a term up to 5 years or WSJ Prime + 1.0% for a term greater than 5 years up to 10 years.

All loans are subject to credit approval, and the borrower must maintain insurance on the property securing credit.