Unity Bank will be closing at Noon on December 24th and closed all day on December 25th in observance of Christmas. We will resume regular hours on Friday, December 26th.
Holiday Processing Notice: Payments and deposits will continue as normal on Dec 24 & Dec 26.The Federal Reserve will be operating as usual on those days, so paychecks, direct deposits, wires, and other transactions will be processed without delay.
Turn your home's equity into the foundation for what's next - whether its' renovation, education, or a fresh start.
We're introducing a 5-year special interest rate HELOC designed for people who want to make smart, grounded decisions in the communities we serve.
Special 5.99% introductory rate for the first 18 months, followed by a variable (prime rate) for the remaining 42 months. Interest-only payments are due each month. The repayment of principal and interest (fixed at prime rate) will begin after the 60-month draw period ends, to be paid back in a 10-year time frame
Available until December 31, 2025.
To qualify for the special rate, customers must meet the following criteria:
Let's connect and talk about what's possible. Contact one of our professional retail mortgage loan officers:
A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows you to borrow, spend, and repay as you go using your home as collateral.
A HELOC is a revolving line of credit meaning you can borrow as little or as much as you need up to your approved credit line, like a credit card.
With a HELOC you can borrow money as you need and typically have a variable interest rate, meaning it changes over time.
With a HOME Equity Loan, you receive your funds in a lump sum upfront and usually have a fixed monthly interest rate.
A HELOC can be used to finance almost anything, such as home renovations, repairs, education, or consolidating higher-interest rate debt.
A HELOC offers the flexibility to borrow funds as needed for various purposes. Additionally, HELOCs tend to have lower interest rates compared to personal loans or credit cards, and you only pay interest on the money you borrow making them an affordable option.
Because your home is used as collateral, failure to make payment may result in foreclosure on your home. Additionally, HELOCs tend to have variable rates meaning your interest rate could go up.
Interest on a HELOC may be tax deductible. Consult with a tax advisor or financial professional regarding tax deductibility to ensure compliance with IRS regulations.
The Unity Bank HELOC offers a special 5.99% APR* for the first 18 months, which will then adjust to a variable rate (prime rate) for the remaining 42 months of the draw period. At the end of the draw period, interest becomes fixed at the prime rate for the 10-year repayment period.
To qualify for the special rate, customers must meet the following criteria:
The Unity Bank HELOC applies to first and second lien mortgages, and we recognize an LTV exception may be necessary for second lien mortgages.
The minimum limit amount is $10,000. The maximum limit amount is $250,000. Renewals of Unity Bank HELOC require a minimum draw of $10,000 new money at origination.
Interest-only payments are due each month. The repayment of principal will begin after the 60-month draw period ends, to be paid back in a 10-year timeframe. Interest is fixed at the prime rate for repayment period.
Yes, you can repay your HELOC—including both interest and principal—at any time during the draw period.
Yes, closing costs and fees are to be paid by the customer at closing.
The Unity Bank HELOC Special will be available until to December 31st 2025.
An appointment should be made with your branch's retail mortgage loan officer. Contact your branch to get in touch with Todd Sorenson or Tina Hammer.
No worries, if you are not eligible for the HELOC Special you may still qualify for one of our other mortgage products.
