Home Equity

 

Unlock The Equity In Your Home.

Your home is more than an investment - it's a source of great financial security. Tap into your  home's equity with a line of credit or loan. Unlike personal loans or credit cards, the interest on your home equity line or loan may be fully tax deductible; consult your tax advisor.     

  

Home Equity Loans and Lines 

Our loans and lines of credit offer competitive rates, flexible terms, and your choice of monthly due dates.

 

Home Equity Lines1,3

 If you find yourself needing to borrow money often, a revolving line of credit can be a fast, convenient way to get the money you need. With a home equity line, you can borrow now and in the future without having to reapply. It’s a great option for home improvements, education expenses and other recurring needs.

Features include:

  • Borrow up to 90% loan-to-value in Mississippi, Alabama, Florida and Louisiana, and up to 80% in Texas1,3
  • Little to no closing costs for lines of $250,000 or less2 
  • Convenient access in person, by check3, via online banking and over the phone.   
  • Link to your Hancock Bank or Whitney Bank checking account for overdraft protection3
  • Ability to lock down a portion of your balance like an installment loan with a fixed rate.2 See a banker for details.

 

 

Ready to apply?

Use our streamlined online loan application or speak with one of our loan specialists.

Talk to a Banker Today

 

Home Equity Loans1,3 

A fixed-rate home equity loan is the perfect solution for a major purchase, remodeling or to consolidate high-interest debt. Lock in a low rate and get a fixed, predictable payment that makes budgeting a breeze.

Features include:

  • Little to no closing costs for loans of $250,000 or less2
  • Fixed-rate terms and equal payments
  • Borrow up to 90% loan-to-value in Mississippi, Alabama, Florida, and Louisiana, and up to 80% in Texas1,3

  

 

 

 
1 Home Equity Lines and Loans require a mortgage on an owner-occupied 1-4 family dwelling with a minimum lendable equity of $10,000 and a maximum loan-to-value of up to 80% in Texas3 and in Acadia, Assumption, Calcasieu, Cameron, Iberia, Jefferson Davis, Lafayette, Lafourche, St. Landry, St. Martin, St. Mary, Terrebonne and Vermillion Parishes in Louisiana, and up to 90% in Mississippi, Alabama, Florida and all other Louisiana Parishes. Property insurance is required. Rescission rights may temporarily restrict availability of funds.
The Home Equity Line of Credit annual percentage rate (APR) is based on Wall Street Journal Prime Rate (the “Index”) plus a margin ranging between 0.25% and 3.85%. The APR will vary but will not exceed 21% in AL/LA/MS or 18% in FL/TX and will never be less than the 3.99% floor rate. Based on the 9/14/16 Index value of 3.50% and a typical margin of 0.65%, the formula that will be used for subsequent monthly rate adjustments would result in a current APR of 4.15%. As of 9/14/16, APRs range from 3.99% to 7.35%. Repayment options vary based on creditworthiness, loan-to-value percentages, whether the mortgage securing your line is a first or second mortgage, and other factors. See a banker for details.
The Home Equity Loan offers a fixed rate for up to 15 years. APRs vary and currently range from 4.99% to 8.24%. For example, a typical loan of $50,000 at a 5.49% APR for 15 years would result in a monthly payment of $410. Your APR may differ based on your term and creditworthiness. See a banker for details.
 All loans and lines of credit are subject to credit approval; other terms and conditions apply. Information is subject to change without notice. See a banker for details.
2 The bank will pay most closing costs on lines or loans of $250,000 or less and up to $500 in closing costs for lines or loans over $250,000. Closing costs typically range between $261 and $2,150. Waived closing costs exclude: LA- Orleans Parish Documentation Fee, AL- Mortgage Recording Tax; FL- Documentation Stamp Tax and Intangible Tax. Home Equity Line of Credit customers have the option to pay your entire closing costs and receive a 0.50% rate reduction.  The rate reduction will be a discount to your margin and will not affect the index or any introductory or initial discounted rates. 
In Alabama and Florida, if you voluntarily cancel your line of credit within 12 months of opening, you will reimburse to us the nonaffiliated third-party closing costs that we have paid up to 2% of your credit limit. No obligation to repay closing costs will apply if the source of the repayment funds is a refinancing by us or an affiliate of ours or if the repayment occurs more than one year from the date the line of credit is made. Other fees:  A takedown fee of $50 will be charged each time you convert a portion of your line to a fixed monthly payment. Terms and conditions also apply. 
In Mississippi and Louisiana, if you voluntarily cancel your line of credit within 12 months of opening, you will reimburse to us the nonaffiliated third-party closing costs that we have paid up to the lesser of (i) 2% of your credit limit or (ii) 5% of the unpaid principal balance of your line of credit at the time you cancel and fully repay the line. No obligation to repay closing costs will apply if the source of the repayment funds is a refinancing by us or an affiliate of ours or if the repayment occurs more than one year from the date the line of credit is made. Other fees: A takedown fee of $50 will be charged each time you convert a portion of your line to a fixed monthly payment. Terms and conditions also apply. 
In Louisiana, Alabama, Mississippi and Florida, if you voluntarily repay your loan in full within one year from the date you make the loan, you will be required to reimburse to us any reasonable, bonafide third-party costs that were waived at consummation and paid by us on your behalf. However, in Louisiana and Mississippi, in no event will the amount of closing costs that you repay to us exceed 5% of the unpaid principal balance of the loan at the time of prepayment in full. No obligation to repay closing costs will apply if the source of the prepayment funds is a refinancing by us or an affiliate of ours or if the prepayment occurs more than one year from the date the loan is made.
3 Important Information for Texas Residents: Texas laws impose certain restrictions on loans and lines secured by a lien on your home. In Texas, each individual advance from your line of credit must be in an amount of 
at least $4,000. Advances made under your home equity line of credit cannot exceed 50% of your home's fair market value. And the maximum amount of your new home equity line of credit or loan, when combined with
the dollar amount of all other liens on your home, may not exceed 80% of the fair market value of your home on the date your home equity line or loan is made. Only one home equity line or loan is allowed on the home
at a time, and no more than one home equity line or loan may be made on the home within a 12-calendar-month period. Other restrictions apply. See a banker for details.

Overdraft option and check access not available in Texas.