Home Equity Line Of Credit (HELOC)
Now is the perfect time to inquire about a Home Equity Line of Credit (HELOC). Our experienced loan specialists will show you how easy it is to apply for a line of credit.
- There is No annual fee
- We offer competitive rates
- CBTC will pay closing costs on new HELOCs up to $250,000
- You pay interest only on the outstanding balance
- You have convenient access to a revolving line of credit
What to Know
- 20 year term
- Draw Period: Minimum Monthly Payment will be interest only
- Repayment Period: 120 Months amortization
- Rate is based on the Loan to Value at origination- see below
- Loan to Value (LTV) 80% or below equal to Wall Street Journal Prime (WSJP), no floor, adjusting monthly, ceiling 13.00 APR
- Loan to Value (LTV) over 80% WSJP + 1, no floor, adjusting monthly, ceiling 13.00 APR
- If customer closes a HELOC within 36 months of the opening date, any third party closing costs paid by CBTC will be charged back to the HELOC
- There is a minimum HELOC amount of $15,000 or minimum increase of $15,000 to existing HELOCs
- Closing cost will apply for new HELOCs or HELOCs greater than $250,000
- This line of credit is secured by your primary or secondary home
- The Loan Fee is $250 for lines of credit up to $250,000 and $450 for line of credit greater than $250,000
- An Inactivity Fee of $50 is applied when the line does not have at least one advance in a 12 month period that begins with the anniversary date of the line of credit
- Loan Origination fee is $250
- We offer flexible payment dates and you can set your payment date on the 1st or 15th day of the month
- The monthly payments do not include taxes and insurance.
Subject to credit and underwriting approval. Certain fees and restrictions may apply.