What can my Home Equity Loan or Line of Credit be used for       Many people secure a Home Equity Line of Credit as a buffer in case they should ever need supplemental funds. There are no restrictions on how you choose to use your loan proceeds.

Is there an annual fee placed on Home Equity Lines       It depends on different conditions, but generally, the answer is No, 1st Mariner Bank does not impose fees on Home Equity Lines.

What costs are involved with setting up a Home Equity Line of Credit       As long as you keep your loan or line open for 3 years, you will not be responsible for these costs.

What costs are involved with setting up a Home Equity Loan       1st Mariner Bank will pay the closing costs associated with this loan however, if you choose to pay the closing costs, the bank will charge an interest rate that is 0.25 % less than the standard rate for the specific loan.

How long does it take from application to settlement       It depends on different conditions. Every situation is unique, but the typical turnaround time for home equity loans and Lines is approximatley 2 to 3 weeks.

What is evaluated when I apply for a Home Equity Loan or Line       Your employment and residence history, and your ability to repay the loan.

Is there a penalty for closing the Loan or Line of Credit Early       Different situation have different solving methods, but in general, No. Keep in mind however; if you choose to defer the closing costs on a Home Equity Line and you close the line before the 3-year window, you will be responsible for the closing costs associated with the line.

Can I make additional payments to my Home Equity Loan or Line       In general, the answer is Yes, it is not necessary to make supplemental payments, but, if you choose to, we will accept this payment with no penalties associated.

Can I increase the credit limit on my Home Equity Line of Credit       That is a good question, the ansewer is Yes. To increase your Home Equity Line of Credit you must simply reapply for a higher limit. We will evaluate this request on an individual basis.

Do I have to live in the residence that I plan to use as a collateral for my Home Equity Loan       However, the home used as a collateral must not be a rental or investment property.

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