Home Equity Line of Credit and Home Equity Loan – All in One!
With Peoples EquityOne, you get the flexibility and features of a Home Equity Line of Credit, with the added security of a Fixed Rate Home Equity Loan - you can enjoy both in one easy-to-use account!
Peoples EquityOne is a variable-rate revolving line of credit. You can access funds anytime and only make payments on the amount advanced. Line of Credit payments are interest only, based on a variable rate; however, our Term Loan option lets you fix the term, rate, and payment on all or a portion of your line of credit.
- Quick credit approval.
- Borrow and make interest only payment for ten years with the variable rate line of credit.
- At any time, easily convert all or a portion of your line of credit balance into a fixed rate term loan, up to your credit limit.
- As you pay back principal on the fixed or variable rate portion, your available credit increases again.
- Access your account with line of credit checks or make transfers online to your checking or savings account.
- Utilize up to three outstanding term loans at any time.
- No need to reapply each time you need a loan; there is little or no paperwork to set up subsequent term loans.
- APR may change depending on credit and length of term. Variable rates* are based on prime rate, and fixed term APRs are based on credit, loan-to-value, and other factors at time of approval.
- Call a Peoples Bank representative for more information!
EquityOne Line of Credit Rates
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.
*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, loan amount and occupancy. The margin varies from plus 0.25% to plus 3.50%. The minimum APR is the initial rate and will never exceed 18.00%, or go below 4.00% at any time during the term. The APR and minimum payment are subject to change, depending on market conditions. Prime Rate is currently 3.25%. 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 in order to repay the balance by the maturity date.