Home Equity Line of Credit1
6-MONTH INTRODUCTORY RATE 1.99% APR2
VARIABLE APR AS LOW AS 4.75% APR
Thereafter, based on Wall Street Journal Prime (WSJP) + 1.003
Rates shown are for the highest qualified borrower. Rates and terms are dependent upon Home Bank’s credit criteria and qualifications. Other credit conditions may apply. Ask your Home Bank lender for more details.
1) Home Equity Lines of Credit (HELOCs), up to $250,000, are available to qualified consumer applicants on new HELOCs for owner occupied conforming residential real property in first or second lien position, up to an 80% maximum loan to value (LTV) for primary residences. Second liens may not be written behind an existing HELOC. The line of credit may not be used to purchase property being used as collateral. The term of this revolving line of credit is 25 years (first 10 years: interest-only payments; last 15 years: principal and interest payments. No draws in last 15 years. Minimum Line of credit $10,000. Rescission rights may temporarily restrict availability of funds. Offer is available from 04/01/2017 – 08/31/2017 to qualified borrowers.
2 )1.99% Introductory Annual Percentage Rate (APR) will not change for the first 6 months after account opening. Introductory APR is available to any applicant based on Home Bank credit criteria where either the primary applicant or co-applicant has a minimum credit score of at least 680 and meets all other Home Bank credit criteria.
3) Upon expiration of the introductory rate, balances will accrue at Wall Street Journal Prime, currently 4.00% as of 03/16/17 + a margin of 1.00% for the highest qualified borrowers (currently 5.00%). The margin & resulting APR are determined based on creditworthiness, property type, occupancy and loan-to-value, but the margin will not exceed 2%. The APR will vary but will not exceed 21%. The variable rate advertised above includes a 0.25% discount with automatic payments from your Home Bank checking account. Auto Bill Pay does not apply. Without the automatic funds payment transfer from a Home Bank Checking Account, the APR advertised will increase by 0.25%. This reduction is not applicable to the introductory rate.
4) Standard closing costs range from $300 to $1,250. The bank pays closing costs as follows: Attorney Fees, Title Opinion and update, Mortgage and Notice of Seizure Recordation Fees, and third party property evaluations. Applicant pays for any full property appraisal that may be necessary. Appraisal costs range from $250 - $500. Orleans Parish residents pay a Documentary Tax Fee. For 1st lien loans of $100,000 or more, applicants will pay a one-time Tax Tracking Fee, not to exceed $95. A $50.00 Line Fee applies after year one and annually thereafter. Property Insurance is required; if collateral is determined to be in an area having special flood hazards, flood insurance will also be required. Applicant is responsible for escrow-related funding costs, if applicable. If you terminate the Line of Credit within 12 months from the account opening date, an Early Closure Fee equal to bank-paid closing costs will be charged back to your line. Please consult your tax advisor regarding deductibility of interest and other costs. Terms subject to change.
Refer to your Home Bank representatives for more details.
*Rates are tied to New York Prime as published in the Wall Street Journal.
**Consult your tax advisor.
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