Home Equity Line of Credit
EquityOne Line of Credit - A Line of Credit and Home Equity Loan - All in One!
A home equity loan or line of credit is a great way to tap into the buying power of your home. And now, with Peoples EquityOne, you don’t have to choose between a term loan or a line of credit - you can enjoy both in one easy to use account
Peoples EquityOne is a variable-rate revolving line of credit. As a line of credit, you can make advances when and how you wish and you only make payments on the amount advanced.
- Improve cash flow - minimum payment is interest only.
- Quick credit approval.
- Tax advantages - interest on an EquityOne Line of Credit may be tax deductible (please consult your tax advisor).
- Access your account with line of credit checks or make transfers online to your checking or savings account.
- No closing costs.
EquityOne Line of Credit Rates
EquityOne Term Loan
Combine the flexibility of a home equity line of credit with the security of a fixed rate loan. The term loan option lets you fix the term and rate on all or a portion of your line of credit.
- Convert all or a portion of your line of credit balance into a term loan, up to your credit limit.
- Utilize up to three outstanding term loans at any time.
- As you pay back principal on the fixed or variable rate portion, your available credit increases again.
- No need to reapply each time you need a loan; there is little or no paperwork to set up subsequent term loans.
- Possible tax advantages - interest may be tax deductible (please consult a tax advisor).
- APR may change depending on credit and length of term.
Term Loan Option Rates
Click here for a listing of Peoples Bank Registered (NMLS) Mortgage Professionals.
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 Peoples Bank Personal Relationship Checking. 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. 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 3.75%. If you only make the minimum payment (interest only), 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.