A Real Estate Equity Loan is a closed-end loan with a fixed-rate over the life of the loan. You'll receive a lump sum with a predictable payment. We offer five- and ten-year terms. Please consult a qualified tax advisor to determine if the interest may be tax deductible.
HOME EQUITY LINE OF CREDIT: The 5.00% variable APR applies for loan-to-value (LTV) up to 80%. For a LTV greater than 80% up to 90%, the variable rate is 5.50% APR. 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 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 most recent full calendar month. 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.
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