Home Equity Loan Information
Home Equity Rates
EquityOne Fixed Term Option
Subject to credit approval. Available to non-owner and owner-occupied, single family residence. Maximum loan amount up to $250,000 (non-owner occupied) and $1,000 (owner-occupied) will be determined by the occupancy, lien position 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. Based on the loan amount, an automated valuation service is used to determine property value; if an appraisal is required, the fee will be paid by the borrower. A non-refundable processing fee may be paid by the borrower depending on the loan amount and property type. If the loan is paid off and closed within the first 12 months, the prepayment penalty will be 2.00% of the original credit limit, not to exceed $1,000; if prepayment occurs in months 13 through 24, the penalty will not exceed $500. 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 Checking. 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 4.00%. If you only make the minimum payment (interest only), you will not repay any of the principal balance. At the time of the 120th
payment, the payment amount will be based on an amortization of your balance and due monthly thereafter. A change in the APR will cause the balance to be repaid more quickly or more slowly, which may cause the payment to be increased in order to repay the balance by the maturity date.
**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 draw 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.