At Amalgamated Bank, we understand the importance of environmental sustainability and congratulate you on making the choice to go green. Not only will you be helping to save the environment, you’ll also be in a better position to save money on utility bills. We’re proud to offer a home equity line of credit (HELOC) designed specifically to assist homeowners like you in the installation of solar panel systems.
- Available to homeowners seeking to finance a solar panel system
- Offers 100% financing
- Maximum loan amount of $40,000, minimum loan amount of $10,000
Consider the benefits
- Enjoy immediate savings with no closing costs
- A simple and easy application process with a quick underwriting process and no need for a full property appraisal
- Draws can be made against the line for up to 10 years with the minimum payment being calculated as interest only on the outstanding principal balance
- There are no prepayment penalties — you can draw up and pay down the line as often as you like during the first 10 years
- A checkbook is provided, allowing you to write checks to access the line of credit
- The interest you pay may be tax deductible — speak with your tax advisor for details
- We encourage you to set up a payment schedule that meets your budget and allows you to pay off the balance by the end of the 10-year draw period
Choose the lender that makes a difference
As you consider making this important financial and environmental decision, make sure it’s with a bank you can count on — one that puts you first through every step of the process. With Amalgamated Bank, you’ll get a federally registered mortgage loan officer to help you, a trusted lender with over 93 years of serving local communities, and a bank that’s dedicated to preserving our planet.
To apply for a Solar HELOC, visit amalgamatedbank.mortgagewebcenter.com.
The Home Equity Line of Credit Annual Percentage Rate (APR) is variable and is based on the highest Prime Rate published each day in the Wall Street Journal (Index), plus a margin of 0 to 2%. The lifetime rate cap is 16% APR. There is a $50 per year annual fee for the first ten years of the loan. This loan has a draw period of 10 years, after which you will be required to repay any outstanding amounts based on a 20-year amortization. Evidence of Hazard and, if applicable, Flood Insurance is required.
Subject to credit approval and income verification. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.
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Amalgamated Bank NMLS ID#898791. Rev. 10/2016