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, all in one easy-to-use account!
A Home Equity Line of Credit is a revolving line of credit that uses the equity in your home as collateral. A home is often your most valuable asset, so many homeowners use their equity to finance planned or unplanned major expenses, such as home improvements, education, debt consolidation or medical expenses.
Access funds anytime and only pay interest on the amount borrowed. Home Equity Line of Credit payments are interest only, based on a variable rate; however, our convenient Fixed Rate Loan Option lets you fix the rate, term, and payment amount on all or a portion of your outstanding balance.
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- Quick, Local Underwriting and Processing
- Low Rates – As compared to unsecured financing options.
- Access your account with line of credit checks or make transfers online to your checking or savings account.
- Home Equity funds used for home improvement or home purchases may be tax deductible, please speak with your tax advisor.
- Borrow and make interest only payments 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.
- Chose the term that meets your needs, up to 20 years.
- Utilize up to three outstanding term loans at any time.
- APR (Annual Percentage Rate)* may change depending on credit and length of term.
- 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.
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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.
*The Annual Percentage Rate (APR) is variable and based upon an index plus a margin. Variable Rate Pricing. 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 4.00%. The margin ranges from 0.50% to 4.00% and is based on the borrower’s loan amount, occupancy, 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.