Our equity lines of credit are as competitive as our first mortgage options. Here are today’s featured rates:
Prime Plus Home Equity Line of Credit program. Quoted rates are available with a Combined Loan-To-Value (CLTV) ratio of 90% or less when the first mortgage is with The Equitable Bank, or with a CLTV ratio of 80% or less if the first mortgage is with another financial institution. Quoted rates are available for loan requests up to $100,000 on owner occupied 1-2 family properties, and for qualified applicants. Standard underwriting guidelines apply. Additional loan programs and rates available. The rate will vary at the Prime Rate as published in the Wall Street Journal plus a margin, and minus a discount (Relationship Pricing) for maintaining related accounts and services. As of May 1, 2008, the variable APR is 5.00% to 6.50% and will not exceed 16%. The minimum rate is 5.00% Relationship Pricing discounts may be revoked for failure to maintain those relationships, and may not be available due to underwriting or pricing adjustments.
Property Insurance is required. An annual fee of $50 may apply after the first year. Closing costs from $0 to $255 may apply. Lines of credit greater than $25,000 that are terminated within 24 months from the date the account was opened may be charged a fee of $250. Minimum monthly repayment is the greater of interest due or $100. An Interest Only payment option is available on credit limits up to 90% CLTV. Payment example: An Interest Only repayment on a credit balance of $50,000 at a variable rate of 6.50% is $270.83 a month. Actual payment amounts may vary by line balance, changes in APR, and number of days in a billing period. Rates and program terms are subject to change.