Home Equity Line of Credit (HELOC)
*The rate will adjust to the Prime Rate up to Prime Rate +6% depending on credit eligibility or the original note rate whichever is greater. Prime Rate is stated in the Wall Street Journal and may vary monthly. Rate is subject to change. Maximum APR is 21%. There are no closing costs on lines between $10,000 and $100,000. On no closing cost HELOC,s the line is subject to a $300 early payoff penalty if the line does not remain open for 2 years. Estimate on closing costs for lines less than $10,000 is $500.
For lines over $100,000, estimate on closing costs is $1,500. Subject to credit approval. Property insurance is required. Consult your tax advisor for deductibility.
The Annual Percentage Rate (APR) is calculated on $100,000 for conforming loan amounts, applicable loan origination fee, and discount points with no prepaid interest collected. APRs for individual loans may differ. Rates are not guaranteed until officially locked-in. Rates and terms are subject to change without notice. Interest rates assume credit history is in good standing. All loan applications subject to credit and property approval. Flood and/or property hazard insurance may be required. Additional fees and closing costs may apply. Maximum loan limits and minimum equity/down payment requirements apply. Other restrictions may apply. Additional rates and programs are available. Scheduled payments do not include any items other than principal and interest. Assumes no other loans or liens, lock period based on current market conditions, taxes and insurance will be escrowed, and applicant is a United States citizen.
The following assumptions are based on a loan of $100,000 which would have the following payments with the following APRs and terms:
- 15-year mortgage at 6.596% APR would have 180 monthly payments of $853 each.
- 30-year mortgage at 6.459% APR would have 360 monthly payments of $613 each.
- 30-year FHA mortgage at 7.262% APR would have 360 monthly payments of $613 each.
Amounts may be rounded up. Additional fees and closing costs apply. If the down payment is less than 20%, mortgage insurance may be needed, which could increase the monthly payment and APR.