Compare Home Equity Lines & Loans

A Home Equity Line of Credit (HELOC) is a line of credit secured against the equity in your home. This allows you to access your funds whenever you need them, with an initial 15–year interest only draw period followed by a 15–year repayment period for any outstanding balance. HELOCs are a great choice if you don't need the entire amount at once, such as for an ongoing home renovation project.

A Home Equity Loan is an installment loan (10-30 year repayment period) secured against the equity in your home. The entire amount is paid out at closing, so it is a smart choice for debt consolidation or a major one-time expense.

InformationHome Equity Reserve Line of Credit(HELOC) »Home Equity Loan »
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Interest RateVariable with a Lock Option.1Fixed.
Rate ReductionA 0.25% rate reduction is available when monthly payments are automatically deducted from your Sandy Spring Bank checking or savings account.A 0.25% rate reduction is available when monthly payments are automatically deducted from your Sandy Spring Bank checking or savings account.
Access to FundsAvailable at any time during the draw period by check, online transfer, branch visit or transfer by phone.One-time lump sum at closing.
Closing CostsUp to $3,500 paid by Bank.2Paid by borrower.3
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  • Disclosure

    View our Fair Lending Policy statement. »

    Loan programs subject to change without notice and cancellation at any time. Actual qualification is subject to verification and approval of income, credit, property appraisal and other factors. Additional fees, terms and conditions may apply. Other rates and terms are available. Please consult your tax adviser regarding tax deductibility. Adequate property insurance required.

    1You may lock in a portion of your outstanding balance to a fixed-rate, fixed-term loan during your draw period. The rate for a term loan will be determined at the time of your lock request.  As you pay off your term loan, that amount will become available to you again on your home equity line of credit. There is a fee of $75 per lock, and you may exercise the lock-in option a maximum of five (5) lock-ins at any one time during the draw period of your home equity line of credit.

    2To open an account, you must pay certain fees (closing costs) to third parties such as appraisers, credit reporting firms and government agencies. These third-party fees generally total between $540 and $1,400 for a $50,000 line of credit. We will pay your closing costs, up to $3,500. You must pay any and all closing costs that exceed $3,500, including any applicable transfer taxes whether in part or in full. You will reimburse us for all closing costs that we paid on your behalf to third parties if the line is terminated (by you or us) during its first three (3) years. Upon request, we will provide you with an itemization of these closing costs. Closing costs are not waived for purchase transactions. Borrowers paying closing costs above $3,500 have the option to have the closing costs paid from the proceeds of the loan to avoid paying cash at settlement.

    3To open an account, you must pay certain fees  (closing costs) to third parties such as appraisers, credit reporting firms and government agencies. These third-party fees generally total between $540 and $1,400 for a $50,000 loan. Borrowers have the option to have the closing costs paid from the proceeds of the loan to avoid paying cash at settlement.

    Please consult a Sandy Spring Bank employee for specific details. This is not a commitment to lend. Actual loan qualification is subject to verification and approval of income, credit, property appraisal, and other factors. Loan program subject to change without notice and cancellation at any time. Additional fees, terms and conditions may apply. Sandy Spring Bank is a Maryland corporation headquartered at 17801 Georgia Avenue in Olney, Maryland 20832.