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Home Equity Lines of Credit
If you own your home, this could be the flexible, low-cost borrowing tool you need. Whether you're planning for expenses or simply want a cash reserve for emergencies or special needs, your Riggs home equity line of credit is ready.
With a Riggs home equity line, you can borrow as much as 100% of your home's value (minus any outstanding mortgage debt). And not only does it cost less than most other ways to borrow, but you can probably deduct the interest on your taxes1.
If your home is in our lending area of the
District of Columbia or the Washington
metropolitan areas of Virginia and Maryland, including Baltimore,
we invite you to complete an online home
equity application.
1Be sure to consult your own tax advisor.
Take a closer look at our home equity lines of credit
| Rates to save you money: |
Up to 80% loan-to-value:
Prime +1 (outstanding daily balances of $24,999 or less)
Prime (outstanding daily balances of $25,000 to $99,999)
Prime -1/2 (outstanding daily balances of $100,000 or more)
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| Great for: |
Homeowners who have built up substantial equity in their primary residence and who want to borrow at our lowest available home equity interest rate |
| Minimum Credit Line: |
$10,000 |
| Maximum Credit Line:* |
- 80% of equity for homes appraised at $400,000 or less
- 75% of equity for homes appraised at $401,000 to $600,000
- 70% of equity for homes appraised at $601,000 to $2 million
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| Eligible properties: |
Primary residences with adequate property insurance and flood insurance if required. Condominiums, cooperatives and rental properties are not eligible. |
| Access: |
By check |
| Rate may be adjusted: |
Monthly |
| Rate cap: |
24 percent |
| Penalty for early payoff: |
None |
| Fixed-rate conversion option: |
Yes. Call 301-887-LOAN for details. |
| Draw period: |
10 years |
| Repayment term: |
Up to 15 years |
| Payment through direct debit: |
Yes (optional) |
| Closing Costs: |
No closing costs, points or application fees for individuals, provided you keep your credit line open for at least two years. |
*Loan limits apply. Minimum APR is 7%, maximum APR is 24%. APR may vary, based on changes in the primte rate as published in The Wall Street Journal. (Prime rate as of 5/31/00 is 9.5%.) Fees to establish your account in the D.C. metropolitan area range from $403 for a $10,000 line of credit to $5,860 for a $250,000 line.
Would you like to apply for a home equity loan?
If you need more information, please contact us at 1-800-368-5800, (301) 887-LOAN or webservices@riggsbank.com or stop by your nearest branch. TDD-equipped customers may call (301) 887-4800.
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Small Business
Credit Services
