HOME EQUITY LINE OF CREDIT

2.49% LOW

INTRO APR*

for 12 months then a variable APR based on Prime

*APR=Annual Percentage Rate. Credit qualifications and approval are required. Rates, terms, and conditions are subject to change without notice. The introductory rate of 2.49% APR is fixed for the first 12 months, after which the rate will adjust annually on the anniversary date of the line of credit to the current Prime Rate published in the Wall Street Journal. The floor rate is 3.50% APR and the ceiling is 5.00% APR above the Prime Rate at the time of your application. Minimum loan amount is $7,500. Borrow up to 80% loan-to-value or $250,000 maximum. Standard (principal and interest) or Interest Only HELOCs available. With an Interest Only HELOC, you may choose to pay only the interest on the money you borrow for 10 years from the date the loan is established (“draw period”). For every $1,000 borrowed at 2.49% APR your minimum payment will be $2.05 monthly if you choose to pay only the interest. For every $1,000 borrowed at the current Prime Rate of 8.50% APR your minimum payment will be $6.98 monthly if you choose to pay only the interest. The minimum payment will not repay principal resulting in an increase of your payment at the end of the draw period. If you choose a Standard HELOC, the minimum monthly payment is $100, or $8.99 for every $1,000 borrowed at 2.49% APR, or $13.92 for every $1,000 borrowed at the current Prime Rate of 8.50% APR, whichever is greater. After the 10 year draw period, you can no longer obtain credit advances and must repay the outstanding balance. The length of the repayment period depends on the outstanding balance at the start of the repayment period and may not exceed 10 years. During the repayment period, the minimum monthly payment is established on the first day of the repayment period or change in interest rate in an amount necessary to fully amortize your outstanding balance over 10 years. Application fee of $350 will be refunded after settlement. Closing costs vary and generally range around $1,500 to $1,800 for a $50,000 line of credit. Speak with a representative for more information. Point Breeze membership is required. If you work, worship, are a member of and/or volunteer for an organization located within 20 miles of any Point Breeze location, you and your family are eligible to join. Excludes current Point Breeze loans. 
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