Home Equity Line of Credit - Important Information

APR means Annual Percentage Rate.

An application fee of $199 may apply.

This is a variable rate loan product and the APR may change requiring you to make more payments until the end of the draw period, and a different minimum payment amount during the repayment period. The APR includes only interest and no other costs.

The APR is based on the value on an ‘Index’ plus or minus a margin. The Index is Prime Rate published in the Money Rates Section of The Wall Street Journal. When a range of rates has been published, the highest rate will be used.

The APR can change on the first day of each month. There is no limit on the amount by which the APR can change during any one (1) year period.

The maximum rate that can apply is 18% APR. The minimum APR will never go below 4% APR.

You can obtain loan advances for 10 years. This is called the draw period. The length of the repayment period will be 15 years.

During the draw period, if the APR is 11% or below, your payment will be 1% of the outstanding balance each month or $50, whichever is greater. At the beginning of the repayment period, your payment will be amortized to repay the outstanding balance at the current APR, over 180 monthly payments. During the repayment period, if the APR changes your payment will be amortized to repay the outstanding balance at the current APR, within the time remaining to maturity. Monthly payments will always be due on the 25th of each month.

You will receive a monthly periodic statement providing you with all account activity, current loan balance, loan payment due and current APR.

Your loan can be converted to a fixed rate loan without penalty.

APR, margin, loan to value and/or amount borrowed are all subject to applicant(s) credit worthiness.