We believe the first and most important way to differentiate ourselves from other banks is to hire differently. So if you’re looking for fun and forward thinking, not buttoned-up and boring, well, we think you’ll be a great fit.
Estimating costs is tough, and we get that. That’s where a home equity line of credit comes in—it gives you an instant-access line of credit to help you finance what you need for your property. And as you repay your loan, more credit becomes available.
Ready to dive into the details? Here are the benefits we bring to home equity lines of credit.
Low, competitive rates for ongoing or seasonal needs
Existing home equity is used as collateral backing
Flexible repayment terms that work uniquely for you
Funds available anytime without reapplying
- Revolving credit — as principal is repaid, more becomes available for use
- The interest paid may be tax deductible*
- Use your Sonabank HELOC to cover unexpected overdrafts — automatically deposited to your account**
- Local decision-making and processing
- Helpful, customized service throughout the entire process
- Choose between interest only or principal & interest payments
*Please consult a tax advisor for more information
** Primis HELOC in good standing is required.
All products permit you to draw on your line up to the maximum loan approved for 10 years; you will repay principal and interest for the remaining 20 years. During the 10 year draw period, you may choose a monthly payment of interest-only or a payment of 1.5% of the principal balance. Applications are subject to credit approval which is based on several factors, including your credit history, loan to value ratio, property type and loan status.*Consult your tax advisor about the deductibility of interest and other costs. Certain other restrictions apply. Homeowners insurance is required.