Home Equity Frequently Asked Questions

How Do I Know if I Have Equity in my home?
How does Sharonview determine my interest rate?
What Is the Minimum Amount I Can Draw on my HomeLine?
Will My Interest Be Tax Deductible?
Can I Receive a Home Equity Loan on My Home in Texas?
What Costs Does Sharonview Cover?
What Costs am I Responsible for?
How Are My Monthly Payments Figured for My HomeLine?
What is a Draw Period and How Long Is It?
Can I Use ebranch To Access My HomeLine?
Can I Make Payments to My Home Equity Loan on ebranch?
Can I Access and Make Payments to my Home Equity Loan via Magic One?


How Do I Know if I Have Equity in my home?

If you purchased your home and made a down payment, and do not already have a second mortgage, you probably have some equity that you can borrow against. To determine your homes equity and the maximum amount that you may qualify for, use the following formula:
  1. Current appraised value or tax value of your home
  2. x 100%
  3. Less the current balance of your First Mortgage
  4. = Maximum amount available for your Home Equity*
*HomeLine Simplified has no minimum equity requirement
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How does Sharonview determine my interest rate?

There are several factors that determine the interest rate. Because your home is used as collateral on the loan and because Sharonview is a not-for-profit organization, your interest rate is very competitive in todays marketplace. Additionally, we set the HomeLine interest rate by the Prime Lending Rate, as published on the last business day of the month in the Wall Street Journal, plus or minus a margin. The margin is determined by your creditworthiness and by LTV. The ceiling for our HomeLine is 15.00% APR.
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What Is the Minimum Amount I Can Draw on my HomeLine?

There is no minimum draw amount for electronic transfers like Magic One or ebranch; however, when using advance checks, there is a $500 minimum draw on our HomeLine.
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Will My Interest Be Tax Deductible?

Your interest may be tax deductible. Consult your tax advisor regarding your interest deduction options.
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Can I Receive a Home Equity Loan on My Home in Texas?

Texas law does allow closed-end home equity loans with a maximum combined loan to value of 80%. Our Fixed-Rate Second Mortgage Program is eligible in the state of Texas; however, our HomeLine Programs are not eligible.
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What Costs Does Sharonview Cover?

Sharonview covers all normal costs related to closing for your Home Equity Loan. There are never any upfront costs or hidden fees with any of our Home Equity Loans (note: we charge $500 in South Carolina).

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What Costs am I Responsible for?

As a valued member-owner of Sharonview, you are not responsible for paying any costs for the Home Equity process or closing. However, some states assess a mortgage or intangible tax on Home Equity loans. Because Sharonview is a not-for-profit organization, it is exempt from those taxes. Some states may still require the borrower to pay this tax. Check with your local county tax office for information.

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How Are My Monthly Payments Figured for My HomeLine?

Your monthly payment on your HomeLine Line of Credit is figured by calculating 1.0% of your outstanding balance or $50.00, whichever is greater. For example, if your outstanding balance is $10,000.00, your payment would be $100.00 a month.

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What is a Draw Period and How Long Is It?

The term draw period refers to the amount of time in which you can access the funds to your HomeLine Line of Credit Loan. The draw period for all of our HomeLine Line of Credit Loans is 15 years. Following the 15 year draw period, you will have a 15 year repayment period in which you will continue to repay the funds that you used during your draw period.
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Can I Use ebranch To Access My HomeLine?

Yes. If you are currently a user of ebranch, simply add the HomeLine to your account list and let our ebranch department verify your account, and it is that simple! Youll have access to your HomeLine any time, day or night, on ebranch.
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Can I Make Payments to My Home Equity Loan on ebranch?

Definitely! Once you have added your Home Equity Loan to your account list, you will be able to make payments to your Home Equity Loan by selecting the Loan Payment option on the menu under ebranch.
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Can I Access and Make Payments to my Home Equity Loan via Magic One?
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Through Magic One, you can advance funds and make payments to your Home Equity Loan.  
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