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Adjustable Rate Home Equity Loan

An adjustable Rate Home Equity Loan functions very similar to other Home Equity products, with the ease and flexibility of being able to adjust your rate as you go. Whether you're looking to remodel a home, do some repair work, or consolidate debt, an Adjustable Rate Home Equity Loan can benefit you. To get started, contact your local branch.

Loan Details

Term: 5 Year ARM (non-convertible)

Amortization: 10, 15, or 20 years

Rate adjustments: Every 5 years on anniversary date, 2.00% cap per adjustment, 6.00% cap lifetime

Homeowner Insurance Requirements: Agent name and phone number, policy number, coverage, and deductible

Title: Letter Report (for loans of $5,000-$99,999)

Title Policy: (for loans of $100,000-$150,000)

Closing Costs: $139.00, additional fees may apply for loans over $99,999

Payment Date: First payment date is 30-45 days after closing, but not to fall on the 29th-31st of the month.

 

Home Equity Loan Features


Monthly Payment Options

  • Various loan term options result in a monthly payment that fits your budget..

Flexibility

  • Choose a fully amortized term that meets your needs.
  • Choose a payment due date that fits your schedule.

Interested in seeing how much your loan payments might be? Find out for yourself!

 

All Home Equity Loans are subject to the following:

  • Minimum loan amount of $5,000.
  • Late payment fees will be charged on the 16th day after the payment date.
  • To be eligible, the property must be your primary residence.
  • Estimated closing costs of $139.
  • Loan requests over $100,000 are subject to additional out-of-pocket expenses for appraisal and title policy.
  • A mortgage on your home will be recorded. Failure to meet your obligations in your agreement with us may result in repossession.
  • Interest paid may be tax deductible. Consult a tax advisor for more information.
  • Home Equity Loans that are used as a purchase money first mortgage loans are subject to additional out-of-pocket expenses.
  • Terms greater than 5 years will be a fully amortized adjustable rate mortgage.

 

*Property insurance is required. Property must be borrower's principle residence.

Loans limited to 85% of the home's value. Maximum loan amount $150,000. Closing costs waived for loans less than $100,000.  APR is fixed for five years. Monthly payments would be $17.84 per $1,000.00 borrowed over the term of a five year loan. Other fully amortized periods up to 20 years may be available with an Adjustable Rate Home Equity Program. For example, a 20 year Adjustable Rate Home Equity Loan would have a fixed rate of 3.50% for the first five years, and then may adjust every five years, based on the one year treasury rate plus a margin of 3.50%. Annual adjustment limit is 2.00% with a lifetime cap of 6.00%. Other restrictions may apply. Rates subject to change at any time.

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