Home Equity Line of Credit

For over 100 years, we’ve been helping our Pacific Northwest neighbors achieve the home of their dreams.  Are you looking to update your kitchen or remodel your bath?  Put your home's equity to work with a Powerline Home Equity Line of Credit.  

We’d love to lend a hand

  • Use the equity from your home to power your project
  • Start the application process online, anytime, anywhere
  • Our Loan Officers will guide you through the process

Begin the Process -  Apply Now

NMLS #454067

 

Powerline Home Equity Line of Credit1

Loan SolutionLTV APR Term Loan Amount
Powerline Home Equity Line of CreditUp to 80%*as low as 7.00%up to 120-monthsLimits $25,000-$750,000
  • 1

    *APR = Annual Percentage Rate

    • Subject to Credit Approval.
    • Variable rate based on the Wall Street Journal Prime Rate; may be subject to a margin of plus or minus a 0.25%.
    • The floor is 4.50%; the annual percentage rate will not go below 4.50%, except during the promotional 6 month period, if applicable.
    • Estimated interest only loan payment is $5.83 per month, for each $1,000 advanced at 7.00% APR*.
    • Rates are subject to change depending on market conditions and may increase after consummation.
    • Rate to float monthly with a floor established at origination depending on the lien position, loan amount and term; maximum of 18% APR*.
      • Maximum interest only payment is $15.00 per month for each $1,000 advanced at 18.00% APR*.
    • Minimum Credit Score of 680.
    • Owner occupied single family residential property in the State of Washington only. Other collateral limitations may apply.
    • Product also available for different Loan term, and Deed position.
    • Changes to loan amount, loan term, or deed position may affect the annual percentage rate.
    • Monthly payments are typically interest only and do not include principal, property taxes or insurance premiums.
    • Hazard insurance required; flood insurance may be required if applicable.
    • You should consult a tax advisor regarding the deductibility of interest and charges for the Home Equity Line of Credit.

    Please call your local Kitsap Bank Branch for additional details.

    Owner Occupied only 

    • The Bank will pay all of the initial third party fees such as but not limited to appraisal, credit reports, recording fees, flood determinations, title and escrow fees. 
    • In the event an appraisal is needed to evaluate your loan request, the cost for the appraisal must be paid up front before the appraisal order is placed.  The appraisal fee will then be credited back at the time of loan closing.  Where appraisal services are rendered and the loan is not originated; the appraisal fee is not refunded.
    • If this line of credit is terminated on or before the 36th month from the Credit Agreement date you will be required to repay all fees and charges initially paid by the Bank.
    • Third party fees and charges generally total between $481.00 and $3,457.00 and the Bank will provide you with an itemization of these fees upon closing.
    • You may terminate your Line of Credit by paying the balance in full and requesting us to reconvey the Deed of Trust that secures the Credit Lien. You may pay your Credit Line to a zero balance and not pay this fee if you intend to keep the credit line active.

    Fixed Rate Option Feature for Owner Occupied Only

    • Only available on new and existing PowerLines secured by Owner Occupied Primary Residences originated after January 2019.  All Powerlines originated prior to this date and existing lines secured by Second Homes or Investment Properties are not FRO eligible.
    • Option to term out up to 3 different Fixed Rate portions at any time during the life of the draw period.
    • The principal becomes available again in the Home Equity Line of Credit as the balance is repaid on the Fixed Rate Option.
    • The minimum amount for a Fixed Rate Option is $5,000; the maximum is the outstanding balance.
    • The term-out period for a Fixed Rate Advance is 36 months to 120 months depending on the amount fixed.
    • The minimum monthly payment is $100.00 or the fully amortized payment whichever is greater.
    • A fee of $50.00 applies for each Fixed Rate Option.
    • You should consult a tax advisor regarding the deductibility of interest and charges for the Home Equity Line of Credit.

    Please call your local branch for the rates available for the Fixed Rate Options.

     

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