SmartLock™ - Home Equity Line of Credit
Need extra money for home improvements, tuition, vacation, or consolidating credit card payments? Or, do you just want the peace of mind knowing that you have access to cash for unexpected expenses?
You can use Orrstown Bank’s SmartLock™ two ways. Use it like a variable rate line of credit or lock in a portion with a fixed term and fixed monthly payments.
SmartLock ™ gives you the flexibility to use the equity in your home to have cash on hand when you need it. Plus, as you make payments, the money becomes available again in your line of credit. You can use your Orrstown online banking or Orrstown checks to spend your SmartLock™ money.
Our SmartLock™ gives you the best of both worlds. You can use it like a line of credit and only pay interest on the portion you borrow with a variable interest rate. Or, you can lock in a portion of your line and pay it off at a fixed rate with fixed monthly payments. You only pay interest on the portion you borrow.
Rate as low as
4.25% APR 1
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How it Works
Should you consolidate your debt? Click here to use our calculator to determine if this is the best option for you.
1 SmartLock has a 10 year interest-only draw period, followed by a 20 year repayment period. Your monthly payments may increase, possibly substantially, once your credit line transitions into the repayment period. The Annual Percentage Rate (APR) will vary with Prime Rate (the index) as published in the Wall Street Journal. As of 4/1/18 , the Prime Rate is 4.75%. For Properties in Pennsylvania or West Virginia, the minimum APR is 4.25% (Prime - -0.50%); for properties in Maryland, the minimum APR is 4.50%(Prime - -0.25%). Lowest APRs advertised are based on a minimum credit score of 740, maximum loan-to-value (LTV) ratio of 80%, and a minimum loan amount of $100,000. Lowest rate also includes "auto pay" discount of 0.75% for setting up automatic loan payment (at or prior to HELOC account opening) and maintaining such automatic payments from an eligible Orrstown Bank deposit account. A higher APR may be applied for loans with lower credit scores, higher LTV ratios, loan amounts less than $100,000 and discontinuance of auto pay. Certain closing costs may be paid on your behalf by the bank, depending on the state in which the property is located. If the loan is paid off within 24 months of opening, you may be required to reimburse such costs to Orrstown Bank. Maximum APR will not exceed 18.00%, or go below 3.50% at any time during the term of the Plan. Minimum line amount is $5,000. Fixed Rate/ Fixed Term Advances under a SmartLock account are subject to different pricing. This product requires proof of active homeowner's insurance policy. Other standard underwriting criteria apply. Terms and conditions of this offer are subject to change without notice. We reserve the right to withdraw this offer at any time. Offer valid on new SmartLock accounts or a SmartLock refinance with at least $25,000 in new money.
2 Consult with a tax advisor.