Home Equity Line of Credit
(Rates subject to change without notice.)
Rates as of Friday, February 3, 2012 |
||
| Product Description | Annual Percentage Rate | Apply |
|
|
||
|
|
||
| Rate based on Prime 3.25% Minimum Floor Rate is 4.00% w/ max of 18.00%* | 4.000% | |
*Annual Percentage Rate (APR) is variable, adjusted monthly based on the Prime Rate as published in The Wall Street Journal. Prime is currently 3.25%. Minimum APR is 4.00% with a maximum APR of 18.00%.
Rate quoted is for owner occupied 1-4 family properties and for owner occupied residential condominiums. Draw period is 10 years, followed by a 10 year repayment period. Minimum line amount is $10,000 with a maximum line amount of $125,000. Maximum Loan to Value (LTV) is 80% for single family residences and 70% for residential condominiums and 2-4 family properties. Existing Home Equity customers must apply for and be approved for an increase in their current line by at least $10,000 to qualify for the new rate. Property insurance is required. Appraisals may be required under certain conditions at borrowers’ expense. Appraisal fees typically run from $350 to $550. An early termination fee of $500 will be assessed at the time of payoff if the line of credit is closed within 36 months of the date of the Note. For properties held in Trusts only must apply at a local branch. Fees will apply. Other terms and conditions apply. Consult a tax advisor about the deductibility of interest.
All funds in a "non-interest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "non-interest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.