FREEDOM HOME EQUITY LINE OF CREDIT
Freedom to use the equity in your home however you choose.
4.25% APR* Variable Rate
• Borrow up to 89% of your home’s appraised value
• Freedom to Lock-In up to Three Loans
• 20 year term; 10 year draw period with interest only due monthly, and 10 year repayment period with principal and interest due monthly
Easy. With the Freedom Home Line, you can borrow a master line of credit anywhere from $10,000 and above depending on the equity in your home. You can borrow up to 89% of the value of your home.
Convenient. With the Freedom Home Line, you have the convenience of banking on your terms. Say you want to purchase a new car. Instead of applying for a car loan, you can simply roll over the money needed from your Freedom Home Line into your checking account. Write a check or use your debit card to pay for the motorcycle in full and ride that baby home.
Flexible. With the Freedom Home Line, you have a few options you can use to make managing your household budget easier. Take the new car you just purchased. If you want to fix the car portion of your master line, you can! If you want to take 10 years to pay it back, you can! The Freedom Home Line allows you the option to lock in part or all of the line of credit’s outstanding balance at a fixed rate, for up to three sub-loans.
*Subject to credit approval. The Fully Indexed Rate is currently 4.50% and 5.00% based on credit history – floor rate of 4.25% or 4.75% based on credit history. All lines require a minimum line of $10,000 with $5,000 new money, maximum LTV (Loan to Value) is 89%. THe variable rate will be based on .25% plus The Wall Street Journal Prime Rate, currently 4.25% as of 6/15/17, and may vary monthly. Prime rate plus .25% requires a credit score greater than or equal to 700. To receive a .25% discount off the regular variable rate, automatic deduction from a WMSB deposit account is required. Standard underwriting criteria apply. Other rates and terms available. The maximum Annual Percentage Rate (APR) is 18%. This offer may change without notice. This HELOC features the ability to lock a balance of the loan up to 3 times during the draw period. The current fee for each lock is $50.00. Lines are for personal, family and household purposes. Property insurance is required. Property must be primary residence and located in the WMSB service area.
See your tax advisor on the tax deductibility on interest.
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