State Farm Bank offering HELOC with 2.24% Introductory Interest Rate for 12 Months

State Farm Bank logoFor most American consumers, owning a home is a major factor in building wealth over time. Your home can work as an investment asset which can be borrowed against for a variety of financial needs. Whether that means paying for a child or grandchild’s college tuition, financing a home remodel or renovation, or consolidating high-interest debt like credit cards, borrowing from your home through a home equity line of credit can be a smart financial move. Before jumping into a new home equity line of credit, it is important to understand the terms of the credit line, including the interest rate, the repayment requirements, and the fees associated with using it.

The Offer

Currently, State Farm Bank is offering qualified homeowners an introductory rate as low as 2.24% on a new home equity line of credit. The low interest rate is fixed for the first 12 months after account opening, after which time it reverts to a variable interest rate as low as 5.50%. Homeowners have the option to draw on the home equity line of credit for up to 10 years and select a repayment term of up to 15 years.

The promotional home equity line of credit offered by State Farm Bank has an annual fee of $65 which is waived for the first year. The bank covers certain closing costs, including the appraisal, title search, credit report, and flood determination, but the homeowner may be responsible for other expenses associated with establishing the line of credit. Should the line be closed within the first 36 months after account opening, State Farm Bank may recoup some or all of the closing costs paid on behalf of the borrower.

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Each applicant listed on a new home equity line of credit application must qualify based on credit criteria, including credit score, payment history, and other outstanding debt obligations.

About State Farm Bank

With headquarters in Bloomington, Illinois, State Farm is a mutual company best known for its competitive property and casualty insurance products. State Farm Bank also offers a variety of deposit accounts to its customers, as well as mortgage purchase or refinance lending, home equity loans, personal lending, and investment services.

Current homeowners interested in the low interest rate home equity line of credit offered by State Farm Bank may gather additional information by contacting a mortgage service representative at 1-877-734-2265 or by visiting the bank online.

Posted on August 31, 2017 by in Home Equity Line of Credit, Mortgages,

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11/30/2017