How Can I Use a Home Equity Line of Credit (HELOC)?
Cash on hand, whenever you need it! With an F&M Bank Home Equity Line of Credit, you’ll receive all the benefits of a loan with the flexibility of a reusable line of credit. Apply only once and use it over and over.
- The maximum amount you can borrow depends on the appraised value of your home and the balance of your first mortgage. If your first mortgage is also with F&M, we can lend even more.
Get instant access to capital by writing a check anytime you like (subject to terms of your line), or using a debit card to make purchases (subject to point-of-sale daily limit).
- Save on interest. Compare our low rate with your present credit cards. You’ll find our variable rate much lower. Plus, current federal tax laws make home equity credit one of the few remaining loans with tax deductible interest. Consult your tax advisor for your individual situation.
- Our interest rates are variable, and are tied to the Prime Rate.
- Payments are low and we even offer an “interest only” option.
- No points. No application fee. And ask about our special programs with no closing costs.
- Interest rate protection: F&M Bank offers a lifetime cap on increases in your interest rate.
- Subject to credit approval
Required Documents for your Home Equity Loan Application
Collecting the following documents before you begin the application process will speed along the processing of your request.
- For all applicants, copies of recent paystubs or your last tax return
- If you are self-employed, copies of your last signed federal tax returns (1040s with all schedules)
- If you are retired, copies of 1099s for all social security and/or pension or retirement income for the last two years.
- If you plan to use your line or loan for debt-consolidation, please bring your monthly billing statements, coupon books, etc.
If your application is approved, you will need to provide Farmers & Merchants Bank with proof of hazard insurance. The amount of insurance required is determined by adding your current mortgage balance to the amount of home equity financing for which you have been approved.
If it is determined that your property is in a flood zone, you will be required to carry flood insurance as required by the Biggert-Waters Reform Act of 2012 and the National Flood Insurance Program.
Apply today in your local branch or online!
To apply for an F&M Bank home equity loan or line of credit, contact us to start the process. You can also apply online whenever you like, or visit your local branch office in Staunton, Harrisonburg or one of our locations in Augusta, Page, Rockingham, or Shenandoah county to speak with a loan officer about your home equity loan options.