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Is There a Large Home Improvement Project You Want to Get Done, or a Big Purchase You Need to Make?

Are you considering to use the value in your home to finance a golden opportunity, college education, home improvement or an unexpected emergency? Freedom Bank helps you turn your home’s equity into money for virtually any purpose. Our loan experts help you set up access to your home equity line of credit (HELOC)-which is as easy as writing a check. As an added benefit, your borrowed funds may be tax deductible (talk with your accountant).

To discover whether a HELOC is right for you, and how to get a Home Equity Line of Credit from application to approval, fill out the form on this page or contact Michael Catania at 201-645-3553 or mcatania@freedombanknj.com. You can also visit one of our bank branches.

Unique Benefits Include:

  • Availability of funds whenever you need them by simply writing a check.
  • For a period of 10 years you pay only the interest.
  • Interest rate is Prime -1% with a floor of 3% APR. The current prime rate is 3.25%.
  • Once the 10 year draw/interest-only period expires, you have 15 years to pay off the balance at the same attractive interest rate.

Here are some sample monthly payments based on today’s low-interest-rate of 3%:

Loan AmountMonthly Payment
$10,000$24.66
$25,000$61.64
$50,000$123.29
$75,000$184.93
$100,000$246.58

Speak with a HELOC Loan Specialist Today

*APR = Annual Percentage Rate. APR may change at any time. Maximum APR of 16%. Available on 1-4 family owner-occupied homes, Primary and secondary residences in New Jersey only. Excluding investment properties, mobile homes, co-ops, homes for sale, under construction or leased land. This product is a variable rate Line of Credit with a 10-year interest only draw period followed by a 15-year period with 180 payments of principal plus interest. Rates are subject to change without notice. Any change to Wall Street Prime Rate may result in a change of interest rate on this Line and the payment due. Minimum loan amount is $5,000.00. Total loan term is 25 years. Property insurance required; flood insurance is required where applicable, at Borrower’s expense. Title insurance and full appraisals required on all loan requests $250,000.00 and over, at Borrower’s expense. Appraisal fees typically range from $400 to $750. Additional charges for searches, credit report, property report, HVE report, recording and cancellation charges, admin/overnight fees typically range from $195-$455. There are no membership or participation fees. The maximum combined Loan to Value is 75%. Other loan products, rates, and terms available. Interest may be tax deductible, please consult your tax advisor. Offer subject to credit approval.


MINIMUM PAYMENT EXAMPLE. If you made only the minimum payment and took no other credit advances, it would take 24 years and 10 months to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 4.500%. During that period, you would make 120 monthly payments ranging from $34.52 to $38.22. Then you would make 178 monthly payments ranging from $56.53 to $94.22.

Should you apply for a Home Equity Line of Credit (HELOC)?

A line of credit is a great solution for a variety of needs – whether those needs are desired or unexpected. Watch the video here to learn more about our HELOC loan and what benefits it can offer you.