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Financing that can help turn your dreams into reality
Let your home work for you, providing funds for anything you choose including: vacation, home improvement and more!
Variable rates are available with competitive terms and conditions
Visit your local branch or see below to find out more information about this product
Home Equity Line of Credit
Variable rate loan; 25 year loan term
Annual Percentage Rate (APR) may vary and will be based on the Wall Street Journal Prime rate as published on the last business day of the month (Prime). The APR is based on the applicant’s credit score, as follows:
For credit scores of 720 and above, the interest rate is the Wall Street Journal Prime rate for the full term of the loan. Based on the current Prime Rate (as of 6/14/18), the APR would be 5.00%.
For credit scores of 719 and below, the interest rate is the Wall Street Journal Prime rate plus 1.00% margin for the full term of the loan. Based on the current Prime Rate (as of 6/14/18), the APR would be 6.00%. On joint applications, the lowest of the two credit scores is utilized to determine the rate Prime rate adjusts on a daily basis.
Maximum rate = 18.00%
Line of credit available from $25,000 to $750,000 for owner occupied homes or condos only (excludes co-ops). Line of credit draws are available for the first 10 years by writing a check (minimum of $500).
You will be billed for interest only during the first 10 years; however, you may repay principal at any time. Payments for the 11th-25th year are based on an amortization of the balance over 15 years and will include principal and interest.
Maximum Combined Loan to Value Requirements:
70% of appraised value for Primary Residence up to $250,000.00
70% of appraised value for Secondary or Vacation homes up to $250,000.00 (Bank must be in a first lien position for these dwelling types)
70% of appraised value for Primary Residence from $250,001 up to $750,000 (Bank must be in a first lien position for the jumbo HELOC product type)
If the loan is approved, there is $250 appraisal deposit fee, which is refunded at loan closing.
There is a late charge of two percent (2%) of the monthly payment amount for each payment that is more than fifteen (15) days past due.
No annual fee.
No closing costs with a minimum advance of 25% of the total commitment amount at closing. If the loan is terminated within three (3) years of closing, the borrower(s) will be obligated to refund the Bank’s actual closing costs. These closing costs range from $2,000 to $16,000 depending on the amount of the loan. Closing costs include but are not limited to appraisal fee, credit report fee, flood certification, title search and/or policy, recording fee, and mortgage recording tax.
Loans are subject to credit approval and secured by a mortgage lien on a home.
Property insurance is required; flood insurance may be required.
Interest may be tax deductible. Consult your tax advisor.
Offer may be withdrawn at any time.
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NMLS # 746476