HELOC Terms and Conditions
*INTRODUCTORY RATE OF 0.98% APR FOR 6 BILLING CYCLES
**DRAW PERIOD, VARIABLE RATE AT PRIME (CURRENTLY 3.25% APR), ADJUSTING DAILY AS THE PRIME RATE CHANGES
***REPAYMENT PERIOD, VARIABLE RATE AT PRIME +.50 MARGIN (CURRENTLY 3.75% APR), ADJUSTING EVERY 5 YEARS
Home Equity Line of Credit is for primary and secondary residences only. Collateral cannot be classified as a manufactured or mobile home. *Introductory rate of 0.98% Annual Percentage Rate (APR) is fixed for the first six (6) billing cycles if application received by 03/31/2021. Minimum line of credit to receive the 0.98% rate is $20,000 with a draw of $10,000 or more at closing. Maximum loan amount is $250,000. See loan officer for additional details. **During the 10 year draw period, interest will be due monthly, and the standard interest rate will be a variable rate at the U.S. Prime Rate (as published in the Wall Street Journal) and subject to change when U.S. Prime Rate changes for the first ten years. The maximum rate will be 21% with a floor of 3.25%. The U.S. Prime Rate as of 09/01/2020 was 3.25%. ***The repayment period will follow for 15 years and the interest rate will be based on U.S. Prime Rate plus a margin of 0.50% and may adjust every five years if U.S. Prime Rate changes. During the repayment period, the Rate will not exceed 21% with a floor of 3.25%. Exterior-only appraisal performed by a licensed appraiser required. Homeowners insurance is required and flood insurance when necessary. The Bank will pay third party closing costs up to $500. Borrower will reimburse the Bank for the total amount of lender paid third party closing costs if borrower terminates the line within 24 months of the contract date. The borrower is responsible for all other closing costs which may include but not limited to title insurance, surveys, appraisals with five or more acres of land, and recording fees. Total closing costs generally range from $1.00 to $3,312.00. Title policy fee, if required, is to be paid by the borrower. Preliminary and final title opinions are required and will be paid by the borrower. Rates and APRs are subject to change without notice. Consult your tax advisor regarding deductibility of interest. Subject to credit approval.