Home Equity 

Rates as of Tuesday, March 19, 2019

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Home Equity Line of Credit


Term (3)
Annual
Percentage
Rate (APR)


Annual Fees
Payment per
$1,000
Borrowed(4)

Introductory Rate (12 months)

Initial 12 Months

1.99%

$0.00

$1.69

Prime Rate (1)

9 Years/10 Years

5.50%

$0.00

$13.00

Prime Rate Plus 1% (2)

9 Years/10 Years

6.50%

$0.00

$13.85


For the first 12 months the Annual Percentage Rate (APR) on the Home Equity Line of Credit will be an introductory rate of 1.99%. Thereafter, the rate may change and may increase.

After the first 12 months, the APR on the Home Equity Line of Credit will be a variable rate. The variable rate will be determined at the time of application as follows:
  1. If your credit score is greater than or equal to 680 or your loan to value is below 60%, your annual percentage rate will equal the index. The index is the highest prime rate published in the Wall Street Journal's Money Rates Table.
  2. If your credit score is below 680 and your loan to value is greater than or equal to 60%, your annual percentage rate will equal the index plus a margin of 1%.
  3. The Home Equity Line of Credit has a draw term of 10 years and a repayment term of 10 years.
  4. The monthly payment per $1000 on the Home Equity Line of Credit for the introductory rates is based on the draw period. During the draw period payments are interest only. The monthly payments per $1,000 borrowed on the Home Equity Line of Credit for the prime rate line of credit and prime rate plus 1% line of credit are based upon repayment period. During the repayment period payments include principal and interest.
  5. The index is the highest Prime Rate published in the Wall Street Journal’s Money Rates Table on the last business day of the month and is effective on the first day of following month.
  6. The APR cannot exceed 18% for the life of the line
There are no fees or charges to open and maintain your initial line of credit. If you close your line of credit within the first twelve months of the recording of the mortgage, you will be responsible for an early termination fee (prepayment penalty) of the lesser of $750 or two percent (2%) of the initial credit limit. If you close your line of credit after the 12th month and within the first 36 months of the recording of the mortgage, you will be responsible for an early termination fee (prepayment penalty) of the lesser of $500.00 or two percent (2%) of the initial credit limit. You will always be responsible for the recording fee to discharge the home equity line of credit mortgage.
    • Homeowners insurance and flood insurance (if applicable) are required.
    • Insurance and taxes are not included in the displayed payment per $1000.
    • Rates apply to owner occupied 1-4 family residences with a maximum LTV 80%.
    • All loan applications are subject to credit underwriting and property approval.
    • Discharge/Subordination fees may apply.