Home Improvements Can Still Be Deducted
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A HELOC is a flexible, inexpensive financing option that may have tax advantages.
- 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: 120 months
- Repayment Period: Minimum payment equal to the amount of outstanding principal balance amortized over 120 months, plus earned fees and charges
- Rate is based on the Loan to Value at origination (see below)
- Loan to Value (LTV) 70% or below equal to Wall Street Journal Prime (WSJP) minus .25%, no floor, adjusting monthly, with a ceiling of 13.00% APR
- Loan to Value (LTV) greater than 70% and less than or equal to 80%, the rate is equal to Wall Street Journal Prime (WSJP), no floor, adjusting monthly, with a ceiling of 13.00% APR
- Loan to Value (LTV) over 80%, the rate is Wall Street Journal Prime (WSJP) + 1.00%, no floor, adjusting monthly, with a ceiling of 13.00% APR
- Commercial Bank and Trust Company pays all third party closing costs on lines up to and including $250,000.* If you terminate your account within 36 months of opening it, you will be required to pay an Early Closure Fee consisting of any mortgage and government taxes, recording fees and any closing agent or attorney fees Commercial Bank and Trust Company paid on your behalf. The combined amount of all third party fees for a line of credit generally total between $887.45 ($25,000 line) and $1,146.20 ($250,000 line).
- There is a minimum HELOC amount of $15,000
- Closing cost will apply to HELOCs greater than $250,000
- This line of credit is secured by your primary or secondary home
- Property insurance is always required and flood insurance is required when necessary
- The Loan Fee is $250 for lines of credit equal to or less than $250,000. The Loan Fee is $450 for lines of credit greater than $250,000
- An Inactivity Fee of $50 is applied when the line of credit has not had a balance in the 12 months prior to 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.