Home Equity Line of Credit
Effective October 23, 2014

  • Term - 120 Months
  • Minimum Amount - $10,000
  • Maximum Amount - 80% of Appraised Value
  • Rate** - 2.99%
  • APR* - 2.99%

Monthly Payment Example: Under the monthly payment option, if you made only the minimum monthly payment and took no other credit advances, it would take 9 years and 4 months to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 3.000%. During that period, you would make 111 payments varying between $125.00 and $100.00, with a final payment of $57.10. (payment does not include payment for escrow account (taxes, insurance, etc.)

  • Preferred Home Equity Line of Credit [HELOC] APR assumes a $10,000 loan amount.  This is an Open End Variable Rate Loan based on Prime Rate [as published in the Wall Street Journal: U.S. Prime Rate” (Prime)] as published on the last business day of the month, currently 3.25% as of 04/19/2013 minus .26%. (Prime Rate 3.25% less .260% = 2.99% APR). This is a variable rate loan and the interest rate/APR may increase. Monthly payments vary based on account balance and interest rate/APR and minimum payment requirements.
  • Minimum APR is 2.99% (floor) and Maximum APR is 18.00% (ceiling).
  • Loan approval subject to Bank’s Loan Underwriting Guidelines. Offer is based on review of your credit history.
  • Minimum loan amount is $10,000 and maximum loan amount is $150,000.
  • Fees typically range between $650 and $750. 
  • Title insurance required, with fee to be paid by borrower(s) for loans over $150,000.
  • Real estate appraisal required (estimated $250 cost, paid up front by applicant). 
  • Property must be owner occupied primary residential property in Bank’s geographic lending area.
  • Borrower to pay Satisfaction Fee at time of mortgage loan payoff.
  • Interest may be tax deductible, please consult your tax advisor.
  • Maximum loan to value is 80%.  Outstanding mortgage lien balances will be used in calculation of equity.
  • Property insurance is required. Flood insurance may be required if real estate collateral is located in a flood zone.
  • Annual Maintenance Fee of $50.00.
  • Other rates and terms available.

* Annual Percentage Rate

** Best rate available; credit history may affect your interest rate/APR

Rates subject to change without notice.
Please call or visit any one of our branch offices for further details.

 

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