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| We offer a Home Equity Line of Credit designed to allow you to finance a variety of things over a period of time. There is a draw down period of five years which allows you to access the funds as you need them. Monthly payments will vary based on the amount of money used. One of our loan officers will be happy to meet with you and answer any questions you may have. As a local community bank we are proud to offer a high level of personal service for our customers. Information current as of
May 1, 2008.
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Program Features
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- Variable Rate at Prime Rate as quoted in Wall Street Journal -
currently 5.00%  1
- Monthly payment – minimum payment will be based on interest due
- Up to 80% Financing (Up to 70% Financing if behind a non Bank of Millbrook first mortgage)
- Maximum line of credit amount $100,000
- Minimum line of credit amount $35,000
- No Application fees
- No Attorney's Fees
- No Appraisal Fees
- No Title Insurance Fees 2
- Interest may be tax deductible – consult your tax advisor
- Credit Line has a five year draw period
1 The APR is indexed to the Prime Rate as published in the Wall Street Journal. The maximum APR is 16%. Annual Percentage Rate may vary each calendar quarter. The new rate will be based on the highest Prime Rate published in the Wall Street Journal which is in effect on the last business day of the second month of each calendar quarter. The new rate will be in effect on the first day of the first billing cycle for each calendar quarter.
2 You may have to pay third party fees which generally total between $0.00 and $500.00. |
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FOR MORE INFORMATION PLEASE CALL OR COME IN TO SEE A
LOAN OFFICER AT ONE OF OUR OFFICE LOCATIONS |
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© 2005 Bank of Millbrook
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