Convenience, control, and flexibility are just some of the benefits of a Home Equity Line of Credit (HELOC). Whether you are buying a car, building an addition, paying college tuition, or want to create a safety net for unexpected expenses, the convenience of a HELOC puts you in control of your equity.
- A variable rate equal to NY Prime Rate as published in the Wall Street Journal, 3.75% Annual Percentage Rate (APR). (Maximum APR is 24%)
- 10-year draw period with interest-only repayment during draw period (optional). Followed by 20-year repayment period with a minimum monthly payment equal to 0.42% of principal balance plus accrued interest or $100, whichever is greater
- Available to primary and secondary residences only.
- Maximum Loan To Value (LTV) is 85%
- Closing Costs: Fees and charges generally associated with HELOCs total between $14-$3,000 and are due at closing. Borrower must maintain insurance on the property securing the credit. Itemization of fees available upon request. Closing costs may be advanced from initial draw.
Have you been dreaming of owning a home? A residential mortgage from our bank may be the key to making that dream come true. Our current initial interest is 3.50% for the first five years of the loan, 3.85% Annual Percentage Rate (APR).* It offers a lower initial rate with some of the stability of a fixed-rate loan. Contact a member of our Possible Team today to see how we can help you start down the path to your new home.
- Competitive rate available for a 5-year term
- Lower payment than a traditional 30-year fixed-rate mortgage payment
- No interest rate changes for the first 60 months
The rate example shown below for the 5/5 ARM assumes a loan amount of $220,000 for a single-family primary residence with no origination fee and a down payment of 20% or more.
Years 1-5 3.50% APR Estimated monthly payment = $988.12
Years 6-10 5.50% APR Estimated monthly payment = $1,212.00
Years 11-15 7.50% APR Estimated monthly payment = $1,420.00
Years 16-30 8.50% APR Estimated monthly payment = $1,509.00
*Payments shown do not reflect amounts for taxes and insurance. The actual payment obligation may be greater. Adjustable Rate Mortgage (ARM) rates are subject to change every five years during the term of the loan. The rate example shown above for the 5/5 assumes a loan amount of $220,000 for a single-family primary residence with $200 origination fee, $14 life of loan flood fee, $500 settlement fee and a down payment of 20% or more. Your payment may increase or decrease substantially depending on changes in the interest rate. In the example above, the 30-year loan with an initial interest of 3.50%Annual Percentage Rate (APR) (the initial interest in effect September 2016, which is not based on the index in effect for September 2016), the maximum amount that the interest rate can rise under this program is 5.0% to 8.50%, and the monthly payment can rise from an initial payment of $988.12 to a maximum of $1,509.00 in the 16th year. The index rate on this product is based on the Average Prime Offer Rate (APOR) reported in the five years to first adjustment column as made available in the “Average Prime Offer Rates - Adjustable” table plus a margin of 0.75%. Based on increases or decreases in the Index, payment amounts under this ARM program can change every five years beginning five years from the date of your Note.