What Is a HELOC?
- Intend to borrow only the money that you need
- Need flexible access to funds
- Want to repay only what you borrow plus interest
- Are looking for a variable rate
|5 Year Equity Loan-to-Value greater than 80% to 90.00%||4.615%|
|5 Year Equity Loan-to-Value up to 80%||4.115%|
|10 Year Equity Loan-to-Value greater than 80% to 90.00%||5.365%|
|10 Year Equity Loan-to-Value up to 80%||4.865%|
|Home Equity Line of Credit Loan-to-Value greater than 80% to 90.00%||5.750%|
|Home Equity Line of Credit Loan-to-Value up to 80%||5.250%|
HOME EQUITY LINE OF CREDIT: The variable interest rate will be equal to the prime rate or prime rate plus .5% as published in the last issue of the Wall Street Journal on the last day before the current calendar month. For loan-to-value (LTV) up to 80%, the variable interest rate is equal to the prime rate. For a LTV greater than 80% up to 90%, the variable interest rate is prime rate plus .5%. There is a five-year advance period with a twenty-year repayment term (ten-year repayment on rental properties) from the date of the last advance. The minimum line of credit amount is $5,000. The minimum advance amount is $500.The monthly payment may vary. The maximum APR is 18%. The minimum APR is 3%.
REAL ESTATE EQUITY LOAN: The 4.115% fixed APR applies for a 60-month term and LTV up to 80%. For a LTV greater than 80% up to 90% the fixed APR is 4.615% for 60 months. The 4.865% fixed APR applies for a 120-month term and LTV up to 80%. For a LTV greater than 80% up to 90% the fixed APR is 5.365% for 120 months.
*APR denotes Annual Percentage Rate
For all applicants for a Home Equity Line of Credit or Real Estate Equity Loan, a few basic items that we consider are loan-to-value (LTV) for the property, your credit history, and your income.
Ineligible properties: We don’t offer Home Equity Loans for:
Loan-to-value ratio (LTV) tells us what portion of a home’s value you owe on new or existing loans (called “liens”). To calculate LTV, we divide the amount of all liens on your property by the property’s appraised value.
For example, suppose a borrower has:
Including the new equity loan, the borrower’s LTV ratio would be 70%.