Home Equity Line of Credit Disclosures & Details
The current prime rate is: 6.25%. Rates effective as of November 22, 2022. Rates subject to change at any time.
- Payment example: 6.00% for 60 months equals $19.39 per $1,000 borrowed.
- Property insurance is required.
- Annual Percentage Rate is based on a combination of your credit score and loan to value. Your actual rate may be higher.
- The rate is adjusted monthly according to the Prime Rate as published in the Wall Street Journal on the third Thursday of each month.
- The maximum Annual Percentage Rate that may be imposed in a variable-rate plan is 18.00%
- The floor rate is 3.50% APR
- To open a line of credit, there may be certain fees paid to third parties at closing. Unless otherwise noted, these fees generally total between $0 and $1,000.00.
- Monthly payments are by default interest-only: Any excess payment will be applied to the principal balance after the accrued interest is satisfied (relative to the date of payment).
- Additional principal-only payments may be made on an individual basis by calling our Contact Center at 800.852.5886, or by mailing in a check that indicates "principal-only" in the memo line.
Have easy access to your money with all of these benefits:
- Borrow up to 90% of your home's equity
- Advances can be made by phone or through online banking
- Home Equity Checks are available for easy payment to contractors, electricians, and others
- No application or annual fee
- No pre-payment penalties
- No closing costs for Home Equity Lines of Credit provided the initial credit line is maintained for a minimum of two years.