Put the equity in your home to work for you
(Limited to the Pennsylvania counties of Lehigh, Northampton, Carbon, Berks, Bucks, Montgomery, Lancaster, and Delaware)
Borrowing on the equity in your home may offer significant advantages. Our Home Equity Loans offer a fixed rate and term. If you are looking to make home improvements, plan a dream vacation, or consolidate your debt, a home equity loan may be your answer.
Our Home Equity Lines of Credit give you access to the money you need, when you need it. You have easy access to the funds by simply writing a check. A home equity line of credit is the perfect option if you are looking to make home improvements, a large purchase or to have available if something unexpected happens.
Features of our Home Equity Loans include:
- No application fee
- Low, fixed rates
- The ability to borrow up to 85% of the value of your home
- Lower rate when payment is automatically deducted from your American Bank personal checking account
- Interest may be tax deductible; consult your tax advisor
- Loans are limited to the Pennsylvania counties of Lehigh, Northampton, Carbon, Berks, Bucks, Montgomery, Lancaster, and Delaware
When you apply for a Home Equity Line of Credit, you can take advantage of these benefits:
- No application or documentation fees
- No closing costs for loans up to and including $425,000
- No annual fee
- Line of credit checks
- The ability to borrow up to 85% of the value of your home
- Lower rate when payment is automatically deducted*
- Interest may be tax deductible; consult your tax advisor
- Loans are limited to the Pennsylvania counties of Lehigh, Northampton, Carbon, Berks, Bucks, Montgomery, Lancaster, and Delaware
| Term | APR | Monthly Payment per $1,000 |
|---|---|---|
| 60 Months | 6.24% | $19.45 |
| 120 Months | 6.75% | $11.49 |
| 180 Months | 7.00% | $9.00 |
| Term | APR | Monthly Payment per $1,000 |
|---|---|---|
| 60 Months | 6.45% | $19.55 |
| 120 Months | 6.75% | $11.49 |
| 180 Months | 7.25% | $9.14 |
** Add 0.25% to the posted APR for loans with LTV ratios of 80.1% to 85%
The following apply to both the First Lien and Junior lien Home Equity Loans:
- Minimum loan amount:
- $5,000 for a term of 60 Months
- $10,000 for a term of 120 Months
- $15,000 for a term of 180 Months
- Maximum loan amount is $425,000
- APRs include 0.25% discount for automatic payment from an American Bank account. The APR and payment on your loan may increase if the automatic payment is discontinued
- Property must be an owner occupied 1 – 4 family residential property located within the Pennsylvania counties of Lehigh, Northampton, Carbon, Berks, Bucks, Montgomery, Lancaster, and Delaware with a first or second lien position
- No application or documentation fees. No closing costs for loans up to and including $425,000
- Borrower must pay mortgage satisfaction fees at loan termination
- Monthly payment does not include taxes or insurance. Actual payment obligation will be greater
- Interest may be tax deductible; consult your tax advisor
- Homeowner’s insurance is required. Flood insurance may be required
- If your home is on the market for sale at the time of application or your property is held in a Trust, you are not eligible for this offer
- APRs apply to loans $15,000 or greater
- Other APRs available for loans with similar terms and conditions
- Loans are subject to credit approval
- Rates, terms and conditions are subject to change and may be withdrawn at any time without notice
| 8.50% APR* Variable Rate Loan-to-Value: Up to 80%** |
8.75% APR* Variable Rate Loan-to-Value: 80.1% to 85%** |
|
*APR = Annual Percentage Rate
$5,000 Minimum Credit Line
Rates include a discount for automatic payment
Home Equity Line of Credit features:
- No annual fee for the life of the line
- No application or documentation fees
- Free checks for easy access to your line of credit
- Withdraw the money you need, as you need it
- Variable rate line of credit that may be used for virtually any purpose, such as home improvements, consolidating your bills and for unexpected expenses
To get the variable APRs, you must open a credit line of at least $5,000 and have or open an American Bank checking account; the variable rate includes a discount for automatic payment from an American Bank checking account that must be established on or before the Home Equity Line of Credit is opened. If a borrower does not want to open an American Bank checking account and have automatic payment, the borrower would not be eligible for the discounted rate. Maximum line amount is $425,000. All APRs assume that total loans including your American Bank line, secured by an owner occupied 1-4 family residential property located within the Pennsylvania counties of Lehigh, Northampton, Carbon, Berks, Bucks, Montgomery, Lancaster, and Delaware, do not exceed 85% of the value of that property for a first or second lien. Property insurance is required. Flood insurance may be required. If your home is on the market for sale at the time of application or your property is held in a Trust, you are not eligible for this offer. The Home Equity Line of Credit has a 10 year draw period with a balloon payment due at maturity.
**The variable APR on the American Bank Home Equity Line of Credit is based on an Index and a Margin. The Index is based on the U.S. Prime Rate as quoted in the Wall Street Journal as published daily, plus either a Margin of 0.00% when the Loan-to-Value is up to 80% or plus a Margin of 0.25% when the Loan-to-Value is 80.1% to 85% for Home Equity Lines of Credit with automatic payment from an American Bank checking account. If automatic payment is discontinued or the borrower elects not to have the payment automatically deducted, the subsequent variable APR will increase by 0.25%. The minimum APR is 4.00% and the maximum APR is 18.00%.
Closing costs are estimated to range between $95 and $945. American Bank will pay closing costs for lines up to and including $425,000 except borrower pays mortgage satisfaction fees upon termination of the line and any applicable taxes and insurance. Interest may be tax deductible; consult your tax advisor. Contact us for information about other APRs available with similar terms and conditions. This offer, rates, terms and conditions are subject to change without prior notice. All loans and lines are subject to credit approval.