Home Equity Line of Credit (HELOC)
A home equity line provides maximum flexibility to use your credit line when you want, in any increment, for just about any purchase. Payments are calculated based only on what you’ve used. If you prefer to have ongoing credit available, a home equity line of credit is a great option. A Lake Area Bank Home Equity Line of Credit (HELOC) offers:
No Closing Costs for lines up to $200,000*
10-year variable rate draw period followed by a 15-year amortized term
Up to 3 fixed rate lock options on balances advanced for 5, 10 or 15 year terms during the 10-year draw period
*No Closing Costs for Lines of Credit up to $200,000. Appraisal costs range from $180-$800. Customer responsible for any appraisal costs in excess of $180. Rates subject to change. APR is variable and based on The Wall Street Journal Prime Rate (“Prime”). As of 5/1/2020, the best rate is Prime – .50 %. Maximum APR 18%. Minimum APR 4%. Rate listed is minimum credit score of 760 with automatic payment from a Lake Area Bank account. A minimum loan amount of $10,000 to convert to a fixed rate, with a $50 lock fee during the draw period. Property insurance required; flood insurance required if property is in a flood hazard area. Subject to change and can be discontinued without notice. Must be age 18 years or older.
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