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Variable-Rate Home Equity Line of Credit Loan

Home Equity Hybrid Line of Credit Loan

Whether rates are on the rise or hitting record lows, our Home Equity Hybrid Line of Credit Loan (open-end) is great way to make the best of any interest-rate environment. With this loan, you have a line of credit to draw on with a fixed rate for the first 24 months and then a variable rate tied to Prime thereafter. After the first two years, your payment amount will adjust automatically. Don't put your plans off any longer. Make those home improvements or consolidate your debt. We will issue you a book of Home Equity Loan checks and you simply write a check whenever you need an advance. When you make your monthly payments, the funds become available again. Another advantage of a line of credit is that you can borrow more without submitting another application and paying all the loan fees again. Whenever you need an advance, you can conveniently advance funds by accessing Simon Says or SecureLink Home Banking.

You pay no closing costs up to $800. The maximum financing is 80% Loan-to-Value (LTV). The minimum Line of Credit is $5,000. Payments are based on a 15-year repayment schedule. The interest on your loan may also be tax deductible. Please consult your tax advisor regarding the deductibility of interest.

Variable-Rate Home Equity Line of Credit Loan

A Home Equity Line of Credit Loan (open-end) works like a credit card. You have a line of credit to draw on. When you make your monthly payments, the funds become available again. We will issue you a book of Home Equity Loan checks and you simply write a check whenever you need an advance. The main advantage is that you can borrow again without submitting another application and paying all the loan fees again. Payments are based on a 15-year repayment schedule. The maximum financing is 80% of the appraised value of your home minus the first mortgage balance. The minimum Line of Credit is $10,000.

* If a Home Equity Line of Credit or a fixed rate Home Equity loan is closed within 24 months of the original loan date, you will be responsible for an early termination fee equal to the amount of closing costs Power Financial has paid on your behalf. Power Financial’s lien against the property shall not be satisfied, nor the mortgage released, until the early termination fee is paid in full.