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Home Equity Line of Credit

Product type Adjustable Rate based on the Prime Rate
Rate First year 2.25% APR - Second year 3.75% APR
Rate Adjustment Once a year - After the 2.25% introductory rate expires (12 month inception)
Period 10 year draw period at time advance is taken, after draw period the loan is amortized over 15 years
Annual Cap Rate can increase a maximum of 1% in any one year or can decrease 1% in any one year
Overall Cap 8% - The rate will never go over 8% for the life of the loan
Loan to Value(LTV) Up to 90%
Floor 3.75% APR



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