Loans

Whether you want to purchase a car, a boat, a new home, or simply open a line of credit, our lending team is ready to find a solution that’s right for you.

Residential Mortgages

Buying and maintaining a home represents a significant investment which requires a great deal of consideration. We at 1880 Bank understand the challenges that can arise and are here to help provide you with various competitive solutions that meet your needs in a timely fashion. Our Lenders will make your mortgage experience both easy and enjoyable from start to finish. We offer the following loans which can be tailored based on your needs:

Primary Home Residential Mortgages
Secondary Home Residential Mortgages
Construction Loans
Lot Loans
Second Mortgages

Home Equity Line of Credit (“HELOC”)

An 1880 Bank Home Equity Line of Credit, or HELOC, lets the equity you’ve built in your home work harder for you. By borrowing funds against your home’s equity when you need it, a HELOC can be ideal whether you’re paying for a major expense or simply want to have quick access to funds for emergencies.

What you could do with a HELOC:

Home improvements: The interest you pay may even be tax-deductible. Speak to your accountant for further details.
Debt consolidation: If debt management has become a burden, consider a HELOC to consolidate your debt with a more manageable payment at a competitive rate.
Major purchases: A HELOC may give you the resources you need for a large purchase at a rate you can feel good about.
College tuition / student loan debt: Your child’s education expenses can be less stressful by borrowing funds against your HELOC.
Emergency funds: With a HELOC, rest assured that you have access to available funds for whatever emergency life throws at you.

Floating Rate HELOC Product Details

1) Subject to credit approval. The minimum advance a customer may request at any particular time is $100.00. Any attempt to access your HELOC for less than this minimum may be denied by 1880 Bank (“the Bank”) and any access device written for less than this minimum may be returned unpaid by the Bank. Consult a tax advisor regarding deductibility of interest. Furthermore, property and flood insurance (if applicable) is required.

2) Note that this represents the highest published Prime Rate in the Wall Street Journal. As of April 23, 2019, the highest Wall Street Journal Prime annual percentage rate was 5.50%. As a variable interest rate loan, the annual percentage rate can fluctuate but will not exceed 18%.

3) Under the terms of a 10-year draw period (i.e., the period of time after your HELOC is opened during which you may obtain advances under the terms of the agreement entered into), a borrower has the ability to withdraw funds from the HELOC for up to 10 years and has the option to repay interest-only or principal and interest on the HELOC. In particular, your minimum monthly payment will be equal to (i) the accrued interest as of the closing date of each billing statement, or (ii) $25.00, whichever is greater (unless the unpaid balance is less than the latter amount, in which case your minimum monthly payment will be your unpaid balance). Subsequent to the 10-year draw period, the HELOC is subject to a 15-year repayment period in which the monthly payment is based on 1/180 of the HELOC’s balance as of the beginning of the 15-year repayment period plus accrued interest for each respective month.

Other Loans

If you’re looking for funds to get you on the road, in the water, through the woods, or take the family across the country, let 1880 Bank help you get there with our Auto, Marine, Recreational, and Personal loans.