A home equity loan or line of credit allows a homeowner to use the equity in their home as collateral. Home equity loans are typically used to finance major expenses such as home repairs, medical bills, or college education.
Home Equity Loans
Lakestone Bank & Trust offers two types of home equity loans. Both offer significant benefits and are available to qualified applicants. The size of the loan is determined by the amount of equity in the home and is subject to normal underwriting guidelines. These types of loans are typically referred to as a second mortgage or junior lien.
Home Equity Lines of Credit
Our Home Equity Credit Lines offer a flexible source of funds and repayment terms to meet future borrowing needs. We offer a line of credit at a variable rate of interest tied to the New York Prime Rate as published in the Wall Street Journal. Specific information regarding rates and terms can be provided by any of our friendly staff.