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Home Equity Lines of Credit
Prime Rate Minus .50%
4.000 Current Annual Percentage Rate
(Available for Owner Occupied Primary Residence only)
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Credit Line:
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$10,000.00 to $250,000.00
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Rate:
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Prime Rate minus .50% for the life of the line. Prime is determined on the 3rd Wednesday of the month as published in the Wall Street Journal.
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Rate Cap:
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Lifetime cap will be 18%
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Rate Floor:
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4.00%
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Payments:
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1.6% of the principal balance or $50.00, whichever is greater. A balloon payment may apply.
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Term:
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Draw period of ten years with a repayment period of ten years.
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Closing Costs:
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Waived if the account remains open for three years from the date of settlement. Estimated to be between $600.00 and $2200.00. If the account is closed during the first three years, the waiver will be rescinded and the closing costs will be added to the balance of the account and will be due and payable immediately, without notice or demand, to Hamilton Federal Bank.
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LTV:
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Maximum Loan to Value may not exceed 80%
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Note:
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Consult your tax advisor regarding deductibility of interest.
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