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A Home Equity Loan provides the funds in one lump sum, with a fixed interest rate over the term of the loan. So, your payment stays the same, month after month, which is great for managing a budget.
A Home Equity Line of Credit, with terms up to 10-years, offers flexibility because you write your own loan with convenient home equity loan checks, whenever you need funds; there's no need to reapply. You pay interest only on the funds you use.
- Home Equity loan rates as low as 3.99% APR
- Home Equity Line of Credit rates as low as Prime!*
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*Variable interest rate based upon the Wall Street Journal Prime Rate and is subject to change quarterly. The Wall Street Journal Prime Rate was 3.25% as of October 1, 2013. The above example illustrates a rate of prime based on a Loan to Value (LTV) up to 85%. The rate cannot increase or decrease more than 2% in a calendar year, and the maximum rate is 12.00%. The cost of an appraisal and other closing costs are at the borrower`s expense. The minimum line of credit limit is $10,000, and the maximum credit limit is $400,000. Various monthly payment options are available including an interest only payment of a monthly payment of the greater of $100 or 1.0% of the balance outstanding at the end of the previous month. Rates are based upon the appraised home value and the combined loan-to-value (CLTV) of the first and second mortgages. If the CLTV is greater than 85%, other restrictions may also apply. Available in all states and the District of Columbia, except Alaska, Hawaii and Texas, on owner-occupied residential properties and vacation homes. Approval is subject to income requirements, a credit review, home appraisal, a title search and hazard insurance. If the property is located in a flood plain, as designated with the Federal Emergency Agency, flood insurance is required.