You may have already noticed some of the signs hinting that Fall is on its way. The sunsets are earlier, nights are getting cooler and pumpkin spice and apple flavors are starting to make their appearances. Though many may be sad to see the summer coming to an end, we can optimistically look forward to the season’s change.
Fall presents an opportunity to reassess your financial goals and plan for the rest of the year. For homeowners, that may mean prepping your home for the colder winter months, tackling any much-needed home repairs or even focusing on a home renovation ahead of the holidays.
Home Equity Line of Credit (HELOC) lowest rate is Prime (7.00% Annual Percentage Rate (APR) as of 11/03/2022). The lowest rate includes no closing costs for equity lines under $500,000.00 that remain open for at least 36 months. If you close your line of credit within 36 months of account opening, the bank origination fee waived at account opening ($350.00 as of 11/03/2022) may be assessed. Annual fee is $75.00 and is waived the first year. The APR may vary based on The Wall Street Journal “Prime Rate” (Prime) as published on the first day of the month. Minimum APR is 3.50% and maximum APR is 25.00%. Rate and terms may change at any time and may vary by property type, loan amount, credit history, and loan-to-value ratio. Property insurance required and flood insurance may be required. Consult your tax advisor regarding the tax deductibility of interest. Important Consideration when managing Interest-Only Payments: the interest rate on a home equity line of credit is variable; therefore, your monthly interest-only payment may change with market rates. Your principal balance is only reduced when you make voluntary principal payments during the 15 year draw period of your home equity line of credit. At maturity, any remaining account balance outstanding will be due in a single balloon payment. At that time, the bank may, but is not obligated to, refinance the line of credit. Subject to credit and property approval.
Loan details are as of March 2022 and may be subject to change.