Home Equity Loans & Readicredit Lines

The Bank offers both Readicredit Lines and Home Equity Loans.  These convenient products let you borrow against the equity in your home.

Readicredit , our Home Equity Line of Credit

Enjoy the freedom of flexibility with fixed rate – lock option, Visa credit card and on-line account management.  A Readicredit allows you to borrow the maximum amount, allowing the equity in your home to work for you.  With a Readicredit you don’t have to use all the money up front.  You may use and pay for what you need only when you need it. For even more flexibility we offer different payment options including interest only (6). Now that is Smart Banking!

• Rates based on Prime (1)
• Access funds with a Visa card or convenience checks
• Ideal for bill consolidation, home remodeling or any other need.
• No closing costs (2), no application fee, no balance transfer fee
• Unlike non home secured loans, the interest may be tax deductable. (3) 
• Rates can be locked (4) for up to 10 years.
• Annual fee (5) waived for the first year
• Payment options including interest only (6)

(1) Rate is based on the Wall Street Journal Prime Rate.  As of 9/1/2011, the Prime Rate is 3.25%.  The range of Annual Percentage Rates we offer are between Prime to Prime plus 6.00%.  The rate you qualify for depends on your credit score and loan to value ratio.  Rates are variable, can change monthly and will not exceed 22.00% APR.

(2) Property and flood insurance, if applicable, will be required. Property is subject to Property or Appraisal Approval.

(3) Contact your tax advisor.  If the amount owed on your loan ever exceeds the property value, the interest paid on the portion of the loan that exceeds the property value is not tax deductable.

(4) The fee to lock the rate is $50.

(5) Annual fee of $50 will be charged at the end of the second year.  $350 fee will be charged if Readicredit is canceled within 3 years.

(6) Interest only option available on variable draws only. Certain restrictions apply.

Subject to application and credit approval.

Home Equity Loan

Looking for an affordable way to borrow money with a fixed monthly payment?  With a Home Equity Loan you may use the equity in your home as collateral, pay medical bills, help finance major repairs, or other home improvements.  The benefits of a Delaware County Bank and Trust Company Home Equity Loan include the following….

• Flexible, low cost way to cover life’s many expenses
• Competitive rates with a variety of terms
• Stretch your payments over several  years
• The interest may be tax deductable. (7)
• Make is easy with  Automatic Payments from your DCB&T checking

(7) Contact your tax advisor.  If the amount owed on your loan ever exceeds the property value, the interest paid on the portion of the loan that exceeds the property value is not tax deductable.

Subject to application and credit approval.