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Savings in the hundreds

By setting up an automatic debit program, customers at many banks will qualify for rate discounts on home equity loans and lines of credit. The savings, over time, can be hundreds of dollars.

Century National Bank and Trust Co.
Beaver Falls, Pa.

 

Without discount

With discount

 

What

Nov. 18 interest rate

Interest paid after 10 years

Nov. 18 interest rate

Interest paid after 10 years

Interest Savings

Home equity line of credit

Amount:
$25,000
Term:
open-ended
Payment:
1.5% of outstanding balance

9.25%

$15,355

9.00%,

$14,785

$570

Community Bank
Staunton, Va.

 

Without discount

With discount

 

What

Nov. 18 interest rate

Interest paid after 10 years

Nov. 18 interest rate

Interest paid after 10 years

Interest Savings

Home equity loan

Amount:
$25,000
Term:

10 years
Payment:

fixed

9.50%

$13,819

9.25%

$13,409

$410

-- Posted: Nov. 25, 1998

 

See Also
Main Story: Electronic payments can shave home equity interest rates
Time to tap your home's equity?
How to deduct home equity interest on your taxes
Home equity loans vs. lines of credit
Home equity glossary
Track prime rate/other leading rate indexes
More home equity stories

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Home Equity
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
$30K HELOC 4.66%
$50K HELOC 4.28%
$30K Home equity loan 5.97%
Rates may include points



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