Equity2Work

Couple looking at housing plans. Sandy Spring Bank Equity2Work

No matter what dreams you have for your home, the Equity2Work Loan Program may be the ideal solution. 

Equity2Work is a loan program designed for clients who specifically want to remodel their current home. The loan allows clients to borrow against the future appraised value of the home after the successful completion of the remodel.

The loan program is ideal for people who are new to their homes or don’t have as much equity as would be preferred for a home equity line of credit (HELOC) or Home Equity Loan. Equity2Work lets you turn your current home into your dream home with the added benefits of a 1-year construction window. Plus, make interest-only payments on funds as they are disbursed during construction.

Your Home, Your Way.

Key Benefits
  • Convenience — Take up to 12 months for construction and make interest-only payments on funds as they are disbursed during this phase.*
  • Certainty — Lock in rates upon approval of plans and other requirements. 
  • Flexibility — Whether it's a kitchen remodel or a spacious addition, the Equity2Work loan program allows for it all.
  • Savings — You don’t have to refinance your current mortgage, allowing you to keep your current rate. 

 

Equity2Work Important Steps

  • Question

    1. Initial Consultation and Loan Application.
    Answer

    During the loan application you'll be asked to provide documentation for your Equity2Work loan. Your prompt response helps ensure timely processing and closing of your loan. Actual loan terms and documentation requirements are subject to product criteria and credit approval.

  • Question

    2. Appraisal ordered.
    Answer

    Your appraisal will be ordered once we have all the necessary documentation for the Equity2Work loan, collect any applicable fees, and have your confirmation to proceed.

     

  • Question

    3. Loan set-up for construction and loan closing.
    Answer

    Prior to loan closing, a mutually agreed upon draw schedule will be drafted to manage the Equity2Work loan disbursements.

  • Question

    4. During construction.
    Answer

    Funds are disbursed periodically during construction as work is completed and verified by inspection. Disbursement requests are typically made by the builder; however, you'll be asked to authorize the fund request. During the construction phase, you'll also be billed monthly for any interest owed on the funds already disbursed (principal payments are not required at this point). If you have any questions about your bills or payments, simply contact your Equity2Work loan draw administrator.

  • Question

    5. Transitioning to the permanent phase.
    Answer

    Once construction has been completed, you and your builder will provide certain information in order for us to disburse the final draw and transition your Equity2Work loan to the permanent phase. Once your loan is set up for servicing, you'll begin making traditional monthly mortgage payments.

  • Question

    6. Loan servicing during the permanent phase.
    Answer

    You'll be able to access your Equity2Work loan information 24/7 with our digital banking service where you can confirm your payment due date, view your loan billing statement, and much more. You can also contact our Client Service Center at 800.399.5919.

     

  • Disclosure

    *You must start repaying the principal once construction is done.

    This is being provided for informational purposes only and is not to be construed as a loan commitment of any kind. Actual loan qualifying is subject to verification and approval of income, credit, property appraisal, and other factors. Rates, Fees, and Programs are subject to change at any time without prior notice. Owner occupied properties only. Please consult a Sandy Spring Bank mortgage banker for specific loan program and details. A detailed Loan Estimate will be prepared upon receipt of your application for a loan. Additional fees, terms and conditions may apply. Sandy Spring Bank is a Maryland corporation headquartered at 17801 Georgia Avenue in Olney, Maryland 20832. As a residential lender we provide mortgage financing in the metropolitan Washington D.C. and greater mid-Atlantic markets. Other rates and terms are available.