Variable Rate Home Equity Line of Credit

Interest Rate/APR

For the life of the loan, the rate will be Prime Rate as published in the Wall Street Journal + 0.000% (currently 7.75%), subject to increase. Under no circumstance, however, will the rate ever be less than 0.000% per annum.

Payment

Minimum monthly payment will be based on interest due.

Term

10 year draw period followed by a 20-year amortized repayment period. Minimum monthly payments will be equal to the interest due for each month during the draw period. During the repayment period, the minimum payments will be equal to accrued interest for the monthly billing cycle plus a fixed principal component.

Important Notices

The interest rates and annual percentage rate (APRs) shown above are subject to change without notice. The actual interest rate offered is based on your credit history, the term of your loan, your debt to income ratio and the percentage of remaining equity in your home.
Your APR will vary based on your final loan amount and actual finance charges.
Checks must be written in a minimum amount of $500.
Consult your tax advisor about deductibility.
Adequate homeowner's insurance coverage is required.
An appraisal fee of $475 will be collected for any line request greater than $250,000.
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. You will be required to pay real estate taxes and homeowner's insurance even if there is no escrow account.

Home Equity Lines of Credit

Interest Rate/APR

Payment

Term