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Advancing Access Home Equity Program


Empowering Homeowners in Majority-Minority Census Tracts (MMCT) within Columbia Bank's Community Reinvestment Act (CRA) Area. [1]

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Our Advancing Access Home Equity Program is designed to support existing homeowners in Majority-Minority Census Tracts (MMCT) through either a home equity line of credit or fixed-rate home equity loan. Use the equity in your home to make improvements, fund large purchases, or even refinance your current mortgage.

 

Eligible homeowners who own a property in a Majority-Minority community can benefit from:

Discounted Rates [2]

Access discounted rates when you apply for either a home equity line of credit or fixed-rate home equity loan under the Advancing Access program. Your property must be in a designated Majority-Minority Census Tract and you must meet the income requirements

Expanded Loan-to-Value (LTV) Ratio [3]

Borrow up to 85% of your home's value, giving you access to substantial funds for your financial needs

No Mortgage Recording Fee

Maximize the value of your loan with reduced fees

Flexible Underwriting Criteria

Designed to accommodate a wide-range of financial situations

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Contact your local branch to find out if you meet the requirements for this program. If you choose to apply online, select either a home equity line of credit or fixed-rate home equity product of your choice and we will determine program eligibility upon review

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Is a Line or Fixed-Rate Product Right For You?

Home Equity Solutions
Benefits of a Home Equity Line of Credit (HELOC)

Flexibility: A home equity line of credit is a flexible borrowing option that lets you access funds as needed, up to a predetermined credit limit.


Rates Often Lower Than A Credit Card: You can draw funds as you require them and you will only pay interest on the amount you draw. This is a great option for ongoing expenses or projects with varying costs, as a line gives you the ability to borrow and repay as needs arise.

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Remodeling
Benefits of a Fixed-Rate Home Equity Loan

Competitive Rates: A fixed-rate home equity loan allows you to borrow a lump sum of money, secured by the equity in your home, at a competitive interest rate for the life of the loan.

Simplicity: This option is ideal if you have a specific expense in mind or if you prefer predictable monthly payments. You’ll have the peace of mind knowing exactly how much you need to repay each month, making budgeting easy.

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[1] The Advancing Access Home Equity program is available for Home Equity Line of Credit or our 5-, 10-, 15- and 20-year fixed-rate term options. This product can be used to fund home improvement projects or to refinance a current mortgage loan on owner-occupied primary 1 to 4-family residences located in a Majority Minority Census Tract (MMCT) within the Bank’s Community Reinvestment Act (CRA) assessment area. MMCT is a census tract that has greater than 50% or more in minority population, all groups other than white non-Hispanic. The Bank’s CRA assessment area is comprised of the following counties in the state of New Jersey: Bergen, Passaic, Middlesex, Monmouth, Morris, Essex, Union, Burlington, Camden, Gloucester, Hudson, Hunterdon, and Somerset. Eligible borrowers earn less than or equal to 120% of the FFIEC or HUD’s updated Median Family Income, whichever is greater of the two limits, for properties located in a MMCT in the Bank’s CRA assessment area. Rates and terms will depend upon several factors including, but not limited to, the loan type, loan size, property type, loan purpose, your credit score, and property value. All loans are subject to credit approval in accordance with Columbia Bank’s lending policies. Certain restrictions apply. This offer can be withdrawn or modified at any time. Contact a branch representative to find out whether your property is in a qualified census tract, and to learn more about income requirements, purchase price limits, current rates, debt-to-income ratio requirements, and fees.

[2] Discounted rates are available for eligible applicants who meet specific income and credit criteria. Rates and terms are subject to change and may vary based on individual qualifications. Please contact a branch representative for details.

[3] The maximum Loan-to-Value (LTV) ratio of 85% is subject to credit approval and appraisal. The actual LTV may vary based on the property's appraised value and the borrower's credit profile. Conditions apply.

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Please be advised that deposit and loan disclosures and contractual documents will only be provided in English.

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