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Home Equity

Tap into your home’s equity to finance a variety of needs.
Details

An addition on your house, college tuituion, a family vacation, and more – all things that can be financed with the help of equity you’ve worked hard to establish. We offer both home equity loans and lines of credit at competitive rates to meet both short-term and long-term needs. Best of all, the interest paid may be tax deductible.*

*Consult a tax advisor. 

Home Equity Loan
  • Competitive, fixed rates for a wide range of short-term or one-time needs:
    • Make home improvements
    • Build an addition
    • Purchase a vehicle
    • Purchase recreational items
    • Take a vacation
    • Fund education expenses
    • Consolidate debts
    • And much more!
  • Secured by the amount of available equity in your home
  • Flexible repayment terms that you’ll be comfortable with
  • The interest paid may be tax deductible*
  • Streamlined process supported by local decisions
  • Exceptional assistance channeled through an experienced lending team
*Consult a tax advisor.
Home Equity Lines of Credit
  • Competitive, fixed rates for a wide range of ongoing or long-term needs:
    • Make home improvements
    • Build an addition
    • Take a vacation
    • Fund education expenses
    • And much more!
  • Secured by the amount of available equity in your home
  • Flexible repayment terms that you’ll be comfortable with
  • The interest paid may be tax deductible*
  • Revolving credit – available balance replenishes as you pay down principal
  • Funds available anytime without reapplying; apply once, then use as needed thereafter
    • Funds conveniently available by contacting us for an advance (can be transferred to checking)
  • Streamlined process supported by local decisions
  • Exceptional assistance channeled through an experienced lending team
*Consult a tax advisor. 
Current Special

Current Home Equity Line of Credit Special

Southern Bank is proud to offer a Home Equity Line of Credit with these amazing features:

  • 3.90% APR**
  • No Annual Fee
  • No Closing Cost
  • No Prepayment Penalty
**Introductory Annual Percentage Rate for the first 9 months only. Special rate offer of 3.90% APR available only on new lines of credit with combined loan-to-value (LTV) ratio (including prior mortgages or liens) of 80% or less with a line amount of $20,000 or more. 4.90% APR for new lines of credit with LTV of 80.01% to 90% (including prior mortgages or liens) with a line amount of $20,000 or more. At the end of introductory period the APR may vary at the Prime Rate as published in The Wall Street Journal. Rates vary by loan-to-value limits. The variable rate for lines of credit is Prime plus 0% to Prime plus 1.00%. (As of 08/30/2015, the APR can range from 5.00% to 6.00%). The APR may change daily but will not be lower than 5.00% APR nor exceed 18.00% APR. Offer subject to credit approval and is subject to change. Some restrictions may apply. The bank must be in a valid first or second lien position. Insurance must be carried on property securing this loan, including flood insurance, if applicable. Consult a tax advisor regarding deductibility of interest.

Ready to utilize your home’s equity?

Let us know to get the process started.