1 The line of credit offers variable Annual Percentage Rates (APR) from 1.990% to 3.375% as of 09/04/2015.3 Variable APR changes monthly. Not all clients will qualify for the lowest rate. Rates may increase to a maximum of 15%. During the 10- year draw period, there is a $50 annual fee.
First lien home equity line of credit available in AZ, CA, CO, CT, DC, FL, GA, MA, MD, MO, NC, NJ, NY, PA, RI, VA, and WA. Please contact us for more details. You should consult a tax advisor regarding the deductibility of interest and charges.
The variable APR range of 1.99% – 3.375% is available to borrowers with FICO scores of 720-760 or higher, and loan to value ratios of 70.00%-89.90% with a total line amount equal to or greater than $500,000. Line must be secured by 1-unit single family residence. The line of credit has estimated origination and closing fees ranging from $0 to $8,335, based on a representative line amount of $600,000 to $800,000, though your actual costs may be higher. Transfer taxes may also apply. This estimate does not include hazard or flood insurance that you must carry on the property.
2 Rates will not change from state to state but APR may vary by state and county due to 3rd party fees. All quotes reflect a 30 year term. Payments received after the 15th of the month will incur a late payment fee of 5% of the payment.
Subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states and for all loan amounts. Other restrictions and limitations may apply. The actual terms of the loan will depend upon the specific characteristics of the loan transaction, the applicant’s credit history, and other financial circumstances that may apply.
Even if your new loan has a lower rate or payment, refinancing may be more expensive. Things like extending your loan term or financing closing costs can increase the total amount of interest you are required to pay. In addition, you should always consider the risks of refinancing to an adjustable rate loan, as higher interest rates in the future may result in you paying more on the new loan.
3. Servicemembers on active duty and their co-borrowers should consult a legal advisor about whether refinancing their current loan may result in loss of benefits to which they may be entitled under the Servicemembers Civil Relief Act or applicable state law.
