Home Equity Loan Information
Home Equity Rates
EquityOne Fixed Term Option
*The Annual Percentage Rate (APR) expires on June 30, 2022. The minimum transfer amount is $5,000. Amount requested to transfer to a term loan cannot exceed the amount currently outstanding on your line of credit. The minimum term is 36 months and the maximum term is 240 months. You may have up to three separate term loans on a single HELOC account at one time. There is no fee to switch to a fixed rate. To receive the lowest rate, automatic payments from a Peoples Bank personal checking or savings account is required. Rates may vary based on term and occupancy. Other terms and conditions may apply. Line of credit increases or other loan modifications are subject to credit approval and may require a new application.
New EquityOne Home Equity Line of Credit applications are 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 $1,000,000 (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 $50 is waived for the first year. Refer to the Equity-One-Disclosure
for complete product details.
The variable rate for the EquityOne Line of Credit (HELOC) is based on the Prime Rate (the index) as published in the Wall Street Journal plus a margin. Prime Rate is currently 4.75%. The margin ranges from 0.00% to 3.75% and is based on the borrower’s loan amount, occupancy, lien position, credit score, debt-to-income ratio, loan-to-value, and payment method. The APR will never exceed 18.00% or be less than 4.00% at any time during the account term. The APR and minimum payment are subject to change, depending on market conditions. 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 a 240-month 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 to repay the balance by the maturity date.