All loans subject to credit approval.
* Interest may be tax exempt – please consult your tax professional.
** Credit limited to percentage of available equity on primary residence.
ˆ Variable interest rate subject to change quarterly. Rate equal to the WSJ Prime Rate in effect on the last day of each calendar quarter subject to a floor of 3.00%.
MINIMUM PAYMENT REQUIREMENTS: You can obtain credit advances for 120 months (the draw period). During the draw period, payments will be due on a monthly basis. Your minimum monthly payment will be established at an amount equal to the interest due at the end of each billing cycle. After the draw period ends, you will no longer be able to obtain credit advances and you must repay the outstanding account balance (the repayment period). The length of the repayment period will depend on your outstanding account balance at the beginning of the repayment period but in no event exceed 120 months. During the repayment period, minimum payments will be calculated in the same manner as the draw period. The minimum payment will not be sufficient to fully amortize your unpaid account balance by the Agreement Maturity Date and therefore, you will be required to pay the entire remaining balance in a single balloon payment at the end of the repayment period.
MINIMUM PAYMENT EXAMPLE: If you made only the minimum monthly payment and took no other credit advances it would take 240 months to pay off a credit advance of $10,000 at an ANNUAL PERCENTAGE RATE of 4.00%. During that period, you would make 239 monthly payments of $27.08 with a final balloon payment of $10,000.
FEES AND CHARGES: To open or maintain a home equity line of credit, you must pay certain fees to third parties. These fees generally range from $500.00 to $1,300.00. If you ask, we will give you an itemization of the fees you will have to pay to third parties.
LATE PAYMENT FEE: If your payment is not received by the payment due date, you will be charged 5.00% of the payment due.
PROPERTY INSURANCE: You must carry insurance on the property that secures this plan.
MINIMUM LINE OF CREDIT: The minimum Home Equity Line of Credit is $7,500.00.
TAX DEDUCTIBILITY: You should consult a tax advisor regarding the deductibility of interest and charges for the plan.