Special Promotion Home Equity Line of Credit
NEW! 1.99% APR* Home Equity Line of Credit
*For the first 12 months. Current non-promotional APR 3.75%. See details and disclosures below.
If you own your own home, leveraging the equity may be the smartest way to borrow.
Home Equity Loans and Home Equity Lines of Credit are a smart way to get the money you need at a very affordable interest rate. And, many borrowers will find that home equity loans (and lines) are tax-deductive. (Consult your tax professional to see if you qualify.)Call or visit your nearest branch to apply
Special Home Equity Line offer - 1.99% APR for the first 12 months. Current non promotional APR of 3.75%, based on Prime + 0.5%
This promotion is available for a limited time and may be withdrawn at any time. The promotional Annual Percentage Rate (APR) will be fixed at 1.99% and will not increase until the first day of the thirteenth month after the date of the loan closing. After the introductory period, the loan will become a variable rate loan. The subsequent APR may vary from prime rate to prime rate plus 0.50% (margin is dependent on the amount of the line). The prime rate is based on the prime rate published in the Eastern Edition of the Wall Street Journal. On February 11, 2015 that rate was 3.25%. The current APR for a Home Equity Line of Credit using the prime rate plus the 0.50% margin is 3.75%. The floor rate at the end of the initial 12 month period will be 3.95%. The APR will never exceed 16.00%. The minimum monthly payments will be interest-only payments. A balloon payment will result if only interest payments are made over the 15 year term. Minimum line amount of $20,000. Maximum line amount of $125,000 for second liens. A $10,000 initial advance is required at closing or upon the end of rescission period. Peoples Bank will pay up to $250 in closing costs associated with this special offer. Full appraisal required for loans over $250,000. Maximum loan-to-value ratio is 89.9%. This promotion applies only to new lines of credit. No annual fee. Promotion available for single family, owner-occupied, primary residence only; excludes investment property, second and vacation homes, condos, co-ops and single or double wide manufactured homes. Property insurance is required. Applicants must successfully meet our Home Equity Line credit standards. Not all customers will qualify for this promotional offer. Alternative rates and terms are available. Interest may be tax deductible. Consult your tax professional regarding deductibility.
Financing Terms: after the first 12 months of the line, the interest rate will automatically adjust based on the line amount:
|Line Amount Financed||APR|
|$20,000 - $49,999||Prime + .50%|
|$50,000 - $74,999||Prime + .25%|
|Minimum "floor" rate 3.95% APR|
|For Second Liens|