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Home Equity Products

Quantum offers several different home equity loans or lines of credit that can be used for a variety of reasons, including home repairs, debt consolidation, education loan, payment of taxes, etc. When possible, it is desirable to take a first or second mortgage on the real estate upon which the improvements are being made.

Below are our products and guidelines to help you determine which one will work best for your individual situation.

Home Equity Term Loan*

We will loan up to 80% loan-to-value to be repaid within 10 years. Rate will be prime plus a percentage based on applicants’ credit rating.

Home Equity Line of Credit*

Loan secured by either a first or second mortgage on the borrower’s residence. The total of 1st and 2nd mortgages should not exceed 80% of the appraised value of the real estate. Minimum payments will be 1.5% of the account balance and with maturity of up to 10 years. Rate will be prime plus a percentage based on applicants’ credit rating.

Home Equity Line of Credit with Interest Only Option*

Loan secured by either a first or second mortgage on the borrower’s residence. The total of 1st and 2nd mortgages should not exceed 80% of the appraised value of the real estate. Payments: Interest only for 5 years converting to P & I on the 61st month with maturity of up to 10 years. Rate will be prime plus a percentage based on applicants’ credit rating.

*Some restrictions and credit standards apply. See us or send us a secure inquiry for full details.

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