Home Equity Loan Information
Home Equity Rates
EquityOne Fixed Term Option
All loans subject to credit approval. Available to non-owner and owner-occupied, single family residence. Maximum loan amount will be determined by the property type and amount of equity in the property. Property insurance is required. If the property is located in a Special Flood Hazard Area, we will require you to obtain flood insurance. No closing costs offer is based on use of automated valuation service; if an appraisal is required, the fee is paid by the borrower. If the loan is closed within the first 24 months, the prepayment penalty is 2.00% of the credit limit ($500 maximum). An annual fee of $75 is waived for the first year. The annual fee will be waived after the first year for customers with a Peoples Bank Personal Relationship Package. Refer to the Peoples EquityOne Disclosure for complete product details.
*Variable Rate Pricing: The variable rate for the EquityOne Line of Credit (HELOC) is based on the Prime Rate as published in the Wall Street Journal plus a margin based on the borrower’s credit history. The margin varies from plus 0.50% to plus 2.00%. The minimum APR is the initial rate and will never exceed 18.00%. The APR and minimum payment are subject to change, depending on market conditions. Prime Rate is currently 3.50%. If you make only the minimum interest only payments, you will not repay any of the principal balance. At the time of the 240th payment, a balloon payment amount of the entire balance owed will be due.
**Fixed Rate Option: Available when a portion of the outstanding variable-rate balance on your EquityOne Line of Credit (HELOC) is converted to an EquityOne Term Loan (Term Loan) with a fixed rate and fixed payment. The amount requested to transfer to a Term Loan cannot exceed the amount currently outstanding on the HELOC. You may have up to three Term Loans open at a time. Rates for a Term Loan may differ from the variable rates on the HELOC and are based on the term selected. The term cannot exceed 180 months or the remaining term on the HELOC, whichever is less. The minimum payment due on the Term Loan includes principal and interest. Please refer to your modification agreement. Some restrictions may apply.