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When it comes to managing your finances, there's a lot to know, and it seems as if things are changing every day! We love educating our customers, and that's why we maintain a thorough selection of stories and articles.

Home Equity Line of Credit (HELOC) Special!

Need some extra dough for the holidays? Avoid high credit card rates with a Home Equity Line of Credit (HELOC)! PyraMax Bank also continues to offer interest-only payments, a benefit that you may not find elsewhere.

  • 3.75% Fixed APR for 5 Years!
  • 4.25% APR Variable 20 Year Repayment Period
  • No closing costs on loans under $100,000!*

Please visit your local PyraMax Bank branch to apply.

What Are The Advantages of a HELOC?

You may have seen the term "HELOC" floating around our website, but you might be confused as to what that really means. Allow us to explain; HELOC stands for Home Equity Line of Credit. Essentially, it is used very similarly to a credit card, with a spending limit in which case a home is used as collateral. While this is very similar to a loan, there are many advantages of taking a line of credit over other a loan. Consider the following when exploring your financial options:

1. Flexibility

Unlike a loan, lines of credit provide the flexibility of drawing money as you need it. Rather than being issued an entire amount of borrowed money at once, you have the ability to borrow against your home up to the amount of the credit line. Much like a credit card, you can also borrow your money back if you need to. For example, if you have a $50,000 line of credit, and you've already paid back $30,000, you can still borrow over the remaining $20,000. Granted that this will tap into the money that you've already paid back, but if you need additional money, you will not have to take out an additional loan or line of credit.

2. Payment Options

Payment is also flexible to an extent. While you are required to make a monthly payment, you have the option to make a payment of as much or as little as you want, as long as it exceeds the minimum required payment. If you would like to pay off your line of credit before the end of your draw period, you are allowed to do so.

3. Quicker Process

Because there is less required to apply for a HELOC, you will generally move through the application process faster than if you were to apply for a mortgage. While mortgages can take a matter of months, a HELOC can be issued to you within a few weeks.

If you prefer flexibility, payments that fit your spending habits, a smooth process, and most of all a great rate, then a HELOC is for you. Find out more information by contacting your local branch, or view more rates and information by clicking here. If you would like to apply online for a HELOC, you can do that below.

 

*3.75% Fixed APR during the 5 year draw period available for loans secured by primary residence, up to 80% Loan-To-Value (LTV) and a credit score of 650 or higher. Other terms are available. Payments during draw period are interest-only. If only interest is paid, all amounts drawn are owed at the end of the draw period and monthly payments will increase when the 20 year repayment period begins. The 4.25% repayment period APR is based on a LTV of 80% and the current index and margin with a credit score of 725 or higher. Actual APR during repayment period is variable based on Prime Rate (as published in the Wall Street Journal), plus a margin (based on credit history) or the 4.00% rate floor, whichever is higher, not to exceed 18.00%. Payments during the repayment period are amortized principal and interest payments. Payments on $100,000 for 20 years at 4.25% APR would be $619.54 or $6.19 per thousand borrowed. $150,000 maximum loan amount. Full hazard insurance required. No closing costs for loans under $100,000. Closing costs for loans $100,000 and over range from $95 to $900. Subject to $50 annual fee after the first year. $300 early termination fee applies if line is closed within first 24 months. Excludes PyraMax Bank refinances unless the loan is maturing or new loan adds at least $10,000 to principal. All loans subject to credit approval and accepted terms. Rates effective as of 11/27/2017. Offer and APR may expire any time without notice.

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