A home equity line of credit (HELOC) gives you a maximum amount to draw against, rather than a fixed lump sum. It features a variable interest rate and offers you the flexibility to borrow, pay down, and borrow again - so long as you stay in good standing with the loan.
- You may borrow and repay up to the approved credit limit as needed for the given draw period
- Interest paid on your line may be tax-deductible (consult your tax advisor or accountant)
- The interest rate is tied to the prime rate and will only change as the prime rate adjusts
- Interest only payment option available
Effective Date: Monday, January 27, 2020
|Home Equity Line of Credit**** + XX||open end^^||Up To 80%||as low as 4.50% |
|Home Equity Line of Credit**** + XX||open end^^||Up To 90%||as low as 5.00% |
**** Home Equity Line of Credit rate is subject to change monthly on existing loans and is based on being .25% below (or .25% above for up to 90% Loan to Value) the Wall Street Journal Prime rate listed on the 15th day of the previous month. Prime Rate as of 10/31/2019 is 4.75%.
+ Closing costs may range from $150.00 to $1,000.00.
^^ The number of years it will take to pay off a loan. The loan term is used to determine the payment amount, repayment schedule and total interest paid over the life of the loan. For example, a loan of $50,000 with an 8.25% APR for 15 years would have 180 monthly payment of $487.22 each and total interest paid of $37,698.21.
XX There are no minimum, fixed, transaction or activity charges. The maximum interest rate is 18.00%