Home Equity Line of Credit
For individuals who want an adjustable rate loan with a convenient, affordable line of credit.
- Up to 80% combined loan to value
- Tied to prime lending rate
- $10,000 minimum
Funds can be used to:
- Refinance an existing line of credit
- Finance home improvements
- Payoff high rate credit cards
- Take a dream vacation
- Send your children to college
- Buy a new car
Annual Percentage Rate (APR) is a variable rate of the Wall Street Journal published Prime Rate (4.50% as of November 16, 2009) plus 1.00% for home equity lines. The corresponding APR can vary daily. The maximum APR is 21%. Home equity lines are subject to credit approval. The minimum initial credit advance is $5,000 and a $500 minimum on future credit advances. The home equity line is secured by a mortgage on your residence up to a total 75% loan to value ratio. Minimum interest only payments will result in a balloon payment of the principal balance and interest due after seven years. An annual fee of $0 for the first year and $50 for each year thereafter is charged. Property insurance is required and flood insurance may be required. No appraisal or application fees and no closing costs. Consult your tax advisor concerning interest deductibility. All rates and terms are subject to change without notice.
