Home Equity Loans

Let your home’s equity work for you-build a new addition, pay for your child’s college tuition or consolidate debt.

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Fixed Rate Home Equity Line of Credit

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Variable Rate Home Equity Line of Credit

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All loans are subject to underwriting and credit approval.  Other restrictions may apply.  Rates are subject to change without notice.

 

VARIABLE RATE HOME EQUITY LINE OF CREDIT DISCLOSURE
You can obtain credit advances for 10 years (the “draw period”).  During this period, payments will be due monthly.  Your minimum monthly payment will equal the amount of accrued finance charges on the last day of the billing cycle.  The minimum monthly payments during the draw period will not reduce the principal that is outstanding on your line of credit.  After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance on your line of credit (the “repayment period”).  The length of the repayment period is 10 years.  During the repayment period, payments will be due monthly.  Your minimum monthly payment will equal the amount of accrued finance charges plus 2.000 percent of the principal balance outstanding on the last day of the billing cycle.  The minimum monthly payments may not be sufficient to fully repay the principal that is outstanding on your line of credit by the end of the repayment period.  If they are not, you will, to the extent permitted by law, be required to pay the entire balance in a single payment (balloon payment).

 

Variable Rate Features: This line of credit has a variable rate feature and the annual percentage rate (corresponding to the periodic rate) and the minimum monthly payment can change as a result.  The annual percentage rate includes only interest and no other costs.  Ask us for the current index values, margin, and annual percentage rate.  After you open a line of credit, rate information will be provided on periodic statements that we send to you.

 

NMLSR ID#543601

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