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Put Your Home's Equity to Work for You

With each mortgage payment you make, you build equity in your home that can be used a valuable tool for your financial future. Queenstown Bank offers home equity loans and home equity lines of credit (HELOCs) to allow borrowers throughout Maryland's Eastern Shore take advantage of their home's built-up equity. Home equity lending products can be used for:

Home improvements or renovations
Covering unexpected expenses
Debt consolidation
Purchasing a vehicle
Paying for a family vacation

Not sure which home equity lending option is right for you? Queenstown Bank's lending staff is ready to answer your questions and walk you through the application process.

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Our Home Equity Offerings at Queenstown Bank

Home Equity Loan Type	What You Need to Know About This Loan
Home Equity Loan	Home equity loans are a lump sum loan that are ideal for large purchases or one-time expenses. Borrowers receive the full balance of the loan up front and pay a fixed-rate on the full balance for the set term.
Home Equity Line of Credit (HELOC)	HELOCs are a revolving line of credit that are best suited to cover ongoing, unpredictable expenses during times of low cash flow. Borrowers draw on the line of credit as they need it and only pay interest on what they borrow, not the full credit limit. As the line of credit is repaid, funds become available to borrow again in the future. For Home Equity Lines of Credit (HELOC), Queenstown Bank will agree to waive up to $2,000 of your closing costs (including your appraisal costs) at closing.*

Home Equity Loan Type

What You Need to Know About This Loan

Home Equity Loan

Home equity loans are a lump sum loan that are ideal for large purchases or one-time expenses. Borrowers receive the full balance of the loan up front and pay a fixed-rate on the full balance for the set term.

Home Equity Line of Credit (HELOC)

HELOCs are a revolving line of credit that are best suited to cover ongoing, unpredictable expenses during times of low cash flow. Borrowers draw on the line of credit as they need it and only pay interest on what they borrow, not the full credit limit. As the line of credit is repaid, funds become available to borrow again in the future.

For Home Equity Lines of Credit (HELOC), Queenstown Bank will agree to waive up to $2,000 of your closing costs (including your appraisal costs) at closing.*

*To qualify for the waiver, the line must be kept open for three years from the date of your settlement. If the line closes prior to three years for any reason, the Bank will collect the amount of the waived closing costs by including the amount in your payoff. The Bank will collect a fee for the appraisal up front, which will be refunded at settlement as part of the waived closing costs. Closing costs generally range from $2,405 to $19,065. The HELOC is a variable rate equal to the Prime Rate published in the Wall Street Journal for a first lien or Prime Rate plus 0.50% for a second lien. As of December 18, 2024, the Annual Percentage Rate (APR) was 7.50% or 8.00% respectively. The APR can change as often as daily but will not exceed 24%. Adequate property insurance is required.