Home Equity Loans

Let your equity work for you! Conneaut Savings Bank gives you more ways to use the equity in your home with fixed rates and fixed terms available, chose your term up to 15 years. You’ll enjoy the convenience of affordable monthly payments over a fixed time period and you might be able to save even more by paying off higher interest obligations such as department store charges.

With our Home Equity Credit Line ,start that home improvement project, buy that car, take that vacation, or pay for college. The possibilities are endless and whenever you need money, just simply write one of your credit line checks. To find out whether you’re in a good borrowing position, and the maximum amount you should be able to borrow, take our One-Minute Home Equity Loan Test. You might also want to order your Credit Report to make sure you’re in good standing. Then, call us. We’ll get back to you right away with the answer you need.

Rates are accurate as of today. Saturday’s by appointment only.

Home Equity Loans

Term	Rate	APR*	Payment
60 Months Fixed First Mortgage	6.125%	6.743%*	$194.41
60 Months Fixed Second Mortgage	6.375%	6.994%*	$195.60
120 Months Fixed First Mortgage	6.375%	6.711%*	$113.23
120 Months Fixed Second Mortgage	6.625%	6.963%*	$114.52
180 Months Fixed First Mortgage	6.625%	6.866%*	$88.06
180 Months Fixed Second Mortgage	6.875%	7.118%*	$89.46
240 Months Fixed First Mortgage	7.400%	7.602%*	$80.21
240 Months Fixed Second Mortgage	7.500%	7.703%*	$80.83

The above payments are based on a $10,000 loan amount.

If the loan is paid off within three years, then third party fees will be charged.

Maximum Loan amount is $200,000

Rates Subject to Change Without Notice.
Subject to Credit Approval. Your Rate may be higher. Additional terms may apply.

*APR refers to Annual Percentage Rate based on simple interest.

Your APR will vary based on your final loan amount and actual finance charges.

Loan is for one or two-unit primary residences, not to be used on purchase transactions or other property types.

Payments do not include amounts for taxes and insurance premiums.

The rate varies based on credit score and other underwriting considerations. Stated rate is based upon a credit score of 740 or above.

Interest rate and annual percentage rate (APR) are subject to change without notice. Interest rate, APR and terms may vary based on the creditworthiness of the borrower, loan-to-value ratio. Subject to credit and property approval. Additional terms apply.

The rates listed above reflect a 0.25% automatic pay discount. Automatic payment must be withdrawn from a Conneaut Savings Bank deposit account to qualify for the discount.

CURRENT PRIME RATE IS 8.50% AS OF March 29,2024 DEPENDING ON CUSTOMER’S QUALIFICATIONS, VARIABLE APRS RANGE FOR LINE AMOUNTS AS STATED ABOVE. CUSTOMER’S SPECIFIC RATE IS SUBJECT TO APPLICATION, APPROVAL AND ACCEPTABLE PROPERTY APPRAISAL AND TITLE SEARCH; LOAN-TO-VALUE(LTV) RATIO; CREDIT HISTORY; LINE AMOUNT; LIEN POSITION; OPTIONAL AUTOMATIC PAYMENT DEBIT FROM A CONNEAUT SAVINGS BANK CHECKING ACCOUNT; WHETHER OR NOT PROPERTY IS OWNER-OCCUPIED; RATE GENERALLY BASED ON MEETING CERTAIN UNDERWRITING CRITERIA. THE APR IS VARIABLE AND CAN CHANGE EACH MONTH, BUT WILL NEVER BE HIGHER THAN 18.00%. LOWEST RATES IN EACH TIER REFLECT A 0.25% DISCOUNT FOR OPTIONAL AUTOMATIC PAYMENT FROM A CONNEAUT SAVINGS BANK CHECKING ACCOUNT. LOWEST RATE AVAILABLE IS FOR WELL QUALIFIED BORROWERS WHO ARE APPROVED FOR A NEW LINE A LOAN-TO-VALUE RATIO OF 80%; 0.25% DISCOUNT FOR AUTOMATIC PAYMENT; ASSUMES PROPERTY IS OWNER-OCCUPIED; FIRST LIEN POSITION; A CREDIT SCORE OF 740 OR HIGHER. BORROWER-PAID TITLE INSURANCE IS REQUIRED ON LINE AMOUNTS GREATER THAN $200,000. OFFER SUBJECT TO CHANGE WITHOUT NOTICE. THE HOME EQUITY CREDIT LINE HAS A $50 ANNUAL FEE. THE INITIAL FEE WILL BE CHARGED ON YOUR FIRST BILLING STATEMENT AND THEN ANNUALLY, THEREAFTER. THE APR IS BASED ON PRIME PLUS OR MINUS A MARGIN. THE MARGIN IS BASED ON YOUR HOME’S LOAN-TO-VALUE RATIO, LIEN POSITION, OWNER OCCUPANCY STATUS, APPLICANT’S CREDIT HISTORY, AND THE AMOUNT OF THE CREDIT LINE. “PRIME” MEANS BANK PRIME LOAN RATE PUBLISHED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM IN ITS STATISTICAL RELEASE H.15 (519) ENTITLED “SELECTED INTEREST RATES.” USE OF THE WORD “PRIME” DOES NOT MEAN THAT THE RATE IS THE BEST OR LOWEST RATE OFFERED BY ANY LENDER. INSURANCE MUST BE CARRIED ON THE REAL PROPERTY SECURING THE ACCOUNT, AND FLOOD INSURANCE IS REQUIRED ON BUILDINGS LOCATED IN A SPECIAL FLOOD HAZARD AREA. MINIMUM PAYMENT REQUIREMENT IS INTEREST ONLY FOR THE FIRST 5 YEARS, FOLLOWED BY A 10-YEAR PAYMENT PERIOD. MAKING ONLY THE MINIMUM PAYMENT DURING THE FIRST 5 YEARS WILL NOT REDUCE THE PRINCIPAL BALANCE ON THE ACCOUNT. INSURANCE MUST BE CARRIED ON THE REAL PROPERTY. ADVERTISED RATES ARE SUBJECT TO CHANGE AT ANY TIME AND DOES NOT APPLY TO REFINANCING OF EXISTING CONNEAUT SAVINGS BANK ACCOUNTS. CREDIT SUBJECT TO APPLICATION, CREDIT APPROVAL, ACCEPTABLE APPRAISAL AND TITLE SEARCH. CONSULT YOUR TAX ADVISOR REGARDING THE DEDUCTIBLE INTEREST. 1 THERE IS A DRAW PERIOD FOR 5 YEARS AFTER THE ACCOUNT IS OPENED DURING WHICH ADVANCES AND PURCHASES MAY BE MADE, AND DURING WHICH REDUCTIONS TO PRINCIPAL ARE NOT REQUIRED ( UNLESS CREDIT LIMIT HAS BEEN EXCEEDED), FOLLOWED BY A 10-YEAR REPAYMENT PERIOD DURING WHICH THE MINIMUM MONTHLY PAYMENTS AMORTIZE THE OUTSTANDING BALANCE ON THE LINE AT THE END OF THE DRAW PERIOD. ALL LENDING PRODUCTS ARE SUBJECT TO APPLICATION AND CREDIT APPROVAL. HOME EQUITY LOANS AND LINES ALSO SUBJECT TO ACCEPTABLE APPRAISAL AND TITLE SEARCH.