For Consumers in Illinois
If you need flexibility in your cash flow and lower payments, a home equity line is for you. With low interest-only monthly payments and generous repayment terms, you can use the equity in your home for home improvements, a new car, college tuition or any other need.

These loans feature interest-only payments with the principal due at the end of the term. The interest rate is adjustable and varies according to the Prime Rate*.

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Prime Home Equity Line of Creditprint

From $25,000 to $400,000
South Central Bank's PRIME home equity line is the least expensive home equity line available. You can borrow up to 75% of your home's value at rates below the Prime Rate, for loans up to $400,000. You can borrow up to 70% of your home’s value for larger equity lines.


Prime Home Equity Line of Credit
Rate effective as of October 6, 2010
Amount
Annual Percentage Rate
$180,000 to $400,000
Prime**
$60,000 to $179,999
Prime Plus .50% **
$25,000 to $59,999
Prime Plus 1.00%**
For balances from $25,000 to $400,000
Prime Rate is currently 3.25%
All loans have a floor interest rate of 5.00%
1-2 units only

Click here to get a downloadable Home Equity Application.

Apply Online for a Home Equity Line.

Please call Steve Byron at (312) 491-7145 for more information.

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Fixed Rate Home Equity Loanprint

If you want a fixed payment and interest rate, use a Home Equity Loan any time you need to borrow money at a low cost.
You qualify for these loans if you are a homeowner with a good credit history. The requirements for equity vary with each type of loan, but all loans are at attractive low rates with low closing costs.*

Balances from $5,000 to $200,000
If you need to borrow money for a large purchase or event, and want to budget fixed monthly payments, this loan is for you! By using the equity in your home, you can qualify for a low payment loan suited for your needs. Terms of 3 to 15 years are available.

The following annual percentage rates would apply assuming a second mortgage line and no other fees or charges and a term up to 15 years. These rates are for loan - to - values (LTV) under 80%. Loans with LTV's greater than 80% will have higher rates.


Fixed Home Equity Loan
Rate effective as of October 6, 2010
Amount
Annual Percentage Rate
$25,000 to $100,000
8.99%
$15,000 to $24,999
9.99%
$5,000 to $14,999
10.99%

Click here to get a downloadable Home Equity Application.

Apply Online for a Home Equity Line.

Please call Steve Byron at (312) 491-7145 for more information.

*Home Equity Loans and Lines are secured by a mortgage on your primary residence. A Home Equity Line of Credit has a balloon payment of principal balance plus unpaid interest due at maturity. All loans are subject to satisfactory appraisal, title, insurance and South Central Bank's internal credit policies. Rates subject to change without notice and may be higher than the rate currently offered. The term "low closing costs" does not include title insurance (when required), appraisal fees, or annual fees on variable rate lines of credit. The amount of the loan you qualify for depends on your annual gross income and the lendable equity in your home less any debt secured by your home. The purpose of a loan may be restricted by law and South Central Bank policy. Minimum draw per advance is $500. A prepayment penalty may apply. Property and flood insurance may be required and other restrictions may apply.

**The Annual Percentage Rate (APR) on variable rate home equity lines is determined by adding or subtracting a margin to an index. The APR on variable rate lines may increase or decrease and may not exceed 14%. The APR is indexed to the Prime Rate as published in the Money Rates section of the Wall Street Journal. Terms of programs, including margins, may change at any time and without notice. If a fully indexed rate is Prime + 1.75%, Prime is the index and 1.75% is the margin. If Prime Rate is 5.00%, the fully indexed rate is 6.75%. The annual fee, which is waived the first year, is $45. Click here for the current Prime Rate.

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Member FDIC
South Central Bank, National Association
525 W. Roosevelt Road | Chicago, Illinois 60607

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