Home Equity Line of Credit
Use the equity in your home to help send your kids to college, do home repairs, consolidate debt, or even take that vacation you've always dreamed about.
Borrow up to 80% of the appraised value of your home, less any loans on the property.
|Term||Index||Annual Percentage Rate*||Payment|
|Revolving||7.00%||As low as 7.00%**||The greater of $50.00 or 1% of the outstanding balance as of last advance.|
|*Annual percentage rate as of 11/03/2022
**For eligible borrowers with qualified collateral. The rate may vary depending on borrower's credit score.
1. There is no minimum initial advance required.
2. Minimum Annual Percentage Rate (APR) of 3.50%. The maximum APR that may be imposed is 16%.
3. The APR may increase or decrease on the first of each month. The interest rate will equal to the lowest prime rate as published in the Wall Street Journal (the “Index”) plus a "Margin" as low as zero percentage points (0%). The interest rate will change whenever the Index changes. Changes in the interest rate will be calculated by taking the Index figure available on the 15th day of the preceding calendar month and adding to it the Margin stated above. This figure rounded to the nearest .25% will be the new interest rate effective until the next Change Date.