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PERSONAL LOANS

With nearly 100 years of combined experience, our loan professionals are ready to help you reach your goals.

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HOME EQUITY LINE OF CREDIT (HELOC)

Use your home equity for home improvements. A Home Equity Line of Credit (HELOC) is a smart option when you're looking to make home improvements, large purchases, pay college tuition, or consolidate debt. 

With competitive rates, HELOC loans are a great way to put the equity you have in your home to work for you. Once established, you can access the funds as you need them, allowing them to borrow, repay, and do it again.

Make sure to consult with your tax advisor about tax deductions. 

6.49% A.P.R.*

  • With automatic payment from Redstone Bank deposit account
  • $250,000 Line Limit
  • 6.49% A.P.R. fixed for one year
  • After first year, rate will change to 0.50% over Wall Street Prime
  • Monthly interest only payment due on the outstanding balance

Loans subject to credit approval. *A.P.R. (Annual Percentage Rate) will be fixed for one year, adjusting semi-annually after the initial fixed rate period. After the initial fixed rate, the rate will change to 0.50% over Wall Street Prime. Charges between $488.70 - $7,634.00 may apply. Making the required interest payment may result in a balloon payment at the end of the 10-year term. The maximum A.P.R. that may be imposed is 21.00%. Minimum A.P.R. will never be below 5.99%. Automatic payments from Redstone Bank deposit account required for this rate. Property insurance is required. Rates are subject to change.

 

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BRIDGE LOANS 

A bridge to the home of your dreams! Don't let the worry of selling your current home distract you from the joy of purchasing or building a new home.

With a Bridge Loan, you can put your focus where it should be, on settling into your new home and making it your own. A bridge loan is a short-term loan that helps you "bridge" the gap between the purchase of your new home and the sale of your current home. The benefits to a bridge loan include:

  • Make an offer that doesn't require selling your current home first.
  • More time to move from one house to another
  • Avoid liquidating 401(K) or other investments
  • Eliminate paying Private Mortgage Insurance (PMI)
  • No prepayment penalties, you may pay off the loan at any time
  • No tax or insurance escrows
  • Allows more time for home improvements on sale or purchase of home

7.50% interest rate          8.576% A.P.R.*

*Interest rate fixed for one year. A.P.R. (Annual Percentage Rate) is based on a $250,000 loan, monthly interest only payments estimated to range between $1,541.10 to $1,592.47; applicable finance charges include 1.00% loan origination fee, $25 wire fee, and $15 flood determination fee. Other closing costs may apply. Property insurance required. Loan subject to credit approval. Rates are subject to change. 

   

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LAND LOANS 

We'll help secure the property you've always dreamed of! A land loan, also sometimes referred to as a lot loan, is used to purchase a plot of land. 

Redstone Bank staff are here to help you throughout the process and help you find the perfect lot for your perfect home. 

8.00% interest rate           8.573% A.P.R.*

*Interest rate fixed for two years. A.P.R. (Annual Percentage Rate) based on a $175,000 loan, monthly interest only payments estimated to range between $1,150.68 to $1,189.04 for 24 months; A.P.R. of 8.573% requires automatic payment from Redstone Bank deposit account. Applicable finance charges include 1% origination fee and $25 wire fee. Other closing costs may apply. Financing available for up to 65% of purchase price or value, whichever is lower. Loans available for customers to construct personal residences only. Loan subject to credit approval. Rates subject to change.

   

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CONSTRUCTION LOANS 

We're here for you every step of the way to help you make your dream home a reality! From finding the perfect lot to starting the construction process. Our team of experts can help you every step of the way. 

Because we're your local, community bank, we provide prompt, timely communication to keep the process moving for you. We also understand that each construction project is unique. We'll listen to your needs and plans and then tailor a loan to suit you. 

7.50% interest rate          10.228% A.P.R.*

*Interest rate will be fixed for 12 months. A.P.R. (Annual Percentage Rate) is based on a $750,000 loan with an estimated monthly interest payment of $2,388.70 to $4,777.40 for 11 months. Finance charges include 1.00% origination fee, $1,740 disbursement fee, $15 flood determination fee, and $25 wire fee. Other closing costs may apply. Minimum loan amount of $250,000. A.P.R. of 10.228% requires automatic payment from Redstone Bank deposit account. Loans subject to credit approval. Rates subject to change. Property insurance required. Loans available for consumers to construct personal residence only. 

   

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ONE-TIME CLOSE CONSTRUCTION LOANS 

Building a new home can be a complex process, but your loan doesn't have to be. With our Construction to Permanent One-Time Close loan, we take the hassle out of the financing. Save time and money by combining your construction or renovation financing and permanent mortgage into one loan. Save money on fees with a one-time close.

This all-in-one loan helps you build your dream home that's just the right fit for you. And we're here to help you, every step of the way.

6.95% interest rate          7.085% A.P.R.*

*Initial interest rate will be fixed for 60 months, rate may change annually after the initial 60 month period. A.P.R. (Annual Percentage Rate) is based on a $700,000 loan with an estimated monthly interest payment of $1,999.32 to $4,131.92 for 11 months. At the end of the 12 months, the loan is fully advanced and converted to a 30 year annual variable rate loan, after the initial fixed rate period, with monthly principal and interest payments estimated to be $4,636.09 at the initial interest rate. Interest rate not to change more than 2% annually and is based on Wall Street Prime + 1.00%. Minimum interest rate on this loan is 5.99%. Finance charges include a 1.00% loan origination fee, $1,740 disbursement fee, and $15 flood determination fee. Other closing costs may apply. Loan is subject to credit approval. Property insurance is required. Loan available for consumers to construct personal residence only. 

   

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