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.
- Promotional rate of 1.99% for 6 months*
- 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
- 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
- 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.
*Rate after six (6) months is based on the LTV at origination. The promotional rate and terms are for new HELOCs, secured by a primary or secondary residence. Borrower with existing HELOC may apply for the promotional rate with a minimum increase of $25,000. If a borrower has received the promotional rate within 24 months of the application date, the promotional rate would not be available. The promotion applies to any applications dated on or after 2/16/17.