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Rates
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Home Equity Line of Credit
Current prime rate is 5.00%
| Product |
Draw |
Loan to Value |
Margin |
APR |
Minimum |
Maximum |
| Home Equity Line of Credit with Automatic Deduction from a Companion Deposit Account |
10 years |
Less than or Equal to 80% |
Prime - 1.25% |
3.75% |
$50,000 |
$500,000 |
| Home Equity Line of Credit (without Automatic Deduction from a Companion Deposit Account) |
10 years |
Less than or Equal to 80% |
Prime - 1.00% |
4.00% |
$50,000 |
$500,000 |
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Variable Annual Percentage Rate (APR) of Wall Street Journal Prime minus 1.25%. As of 1/31/08 Prime was 5.00% and may vary monthly with changes in the Wall Street Journal Prime. APRs effective as of 1/31/08. Lines are available with a ten year draw period (interest only) followed by a 15 year repayment period (principle and interest). The maximum APR is 10%. Offer available on single family, owner occupied residences in R.I. Not available for homes to be sold in the next six months. Minimum credit line of $50,000. Maximum loan to value ratio of 80%. Maximum loan to value for 2nd liens 75%. Property insurance coverage required. Trust review fee may apply. Subject to credit approval. Interest rates, APRs, terms and conditions are subject to change without notice.
Contact Us for other great loan products!
consumerloans@independence-bank.com
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Equal Housing Lender, Member FDIC