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If you have a small-to-moderate balance on your mortgage, and you’d like to borrow against your home at a lower rate, consider an Interest-Only Home Equity Line of Credit (HELOC). Pay interest-only during the 20-year draw period and get up to 10 years to repay it afterward. The flexibility of an Interest-Only HELOC makes it a great option for people in the right situations.
|Home improvements||Debt Consolidation||Major Purchases|
|Emergency Funds||Weddings and Celebrations||Education|
*Subject to credit and property approval. Rates are variable and based on credit score over 740 and required automatic payment from a CBWV checking account. Rates and terms are subject to change without notice. All loans require a minimum payment of the lesser of $100 or the monthly interest due for the first 20 years during the draw period, after that time, the loan is converted to the repayment period of 10 years with a variable rate of interest. Annual Percentage Rate is 3.00% as of May 4, 2022. $10,000 minimum line of credit required. Closing costs are waived with an initial draw of $5000 at closing. There is a $50 annual fee. Maximum LTV is up to 90%. Minimum floor rate 3.00% APR; maximum/cap rate 12% APR. Rate is variable and is based on the Prime Rate Index as published in the Wall Street Journal and is subject to change after consummation. During the draw period your monthly payment will equal the finance charges (interest) that accrued on the outstanding or $100 minimum, whichever is greater. An early termination fee of 2% of the loan amount with a max of $1000 will be imposed if HELOC is closed within the first 36 months. Payment Example: If you made only the minimum monthly payment and took no other credit advances, it would take 9 years and 8 months to pay off a credit advance of $10,000 at an Annual Percentage Rate of 3.00%. During that period, you would make 116 payments of $100 and one final payment of $25.07.
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