IMPORTANT PROGRAM INFORMATION - Home Equity Line of Credit (HELOC)
Variable Annual Percentage Rate (APR): HELOCs feature a variable APR based on an index plus margin. APR is based on a 30-year HELOC and will vary based on the Prime Rate (the index) as published in The Wall Street Journal.
Qualifications and rates vary depending upon credit line amount, lien position, FICO score and creditworthiness. Rates may vary based on the date you apply. APR will not exceed 18%. HELOC available for lines secured by single-family residences only. Payments shown do not include taxes, homeowners insurance, or mortgage insurance (if applicable). The APR may increase after the loan closes. Your actual rate, payment and costs may be higher.
Fees and Charges: The product requires you to pay an origination fee at closing which will not exceed 4.99% of your total credit limit.
If your property is located in AL, FL, GA, MD, MN, NY, OK, TN or VA, you will pay a mortgage recording tax typically between 0.100% and 2.800% of your credit limit amount. This tax is due at closing but will be financed. In the Orleans Parish of LA, you will pay a flat fee of $325 regardless of the loan amount. Tax amounts subject to change.
Minimum Initial Advance and Repayment: The line requires a minimum 85% disbursement at the time of closing, inclusive of fees and payoffs. HELOC minimum line amount is $25,000 (or state requirement) and maximum line amount is $400,000. HELOC term is 30 years with 10-year interest only payments and the remaining 20 years of amortizing payments. You may make additional draws on your HELOC for the first 3 years after closing up to your line amount.
Limitations and Insurance: Our HELOC product is not available in the state of TX and may not be used to purchase the property being used as collateral. Contact a Home Lending Advisor for details. Property insurance is required. If the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well.
Tax Deductibility: You should consult a tax advisor regarding the deductibility of interest and charges of your HELOC. Terms subject to change without notice.
