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Limited time offer: as low as 3.99% APR¹ for the first 12 months with a FlexEquity Line of Credit

With FlexEquity, you can turn equity in your home into a flexible credit line that lets you borrow the money you need when you need it. Use it for any large purchases, home improvements, tuition, a vacation -- just like any other line of credit secured by a second mortgage on your home.

We call it Flex because you may use the Fixed Option feature to convert a portion of your line to a fixed rate with fixed monthly payments.

Create up to three different Fixed Options within your equity line and, as you repay the Fixed Options, your available credit is instantly replenished and available in your line once again.

And with our limited time offer of a 3.99% APR¹ for the first 12 months, there's never been a better time to take advantage of this smarter way to borrow for life's major expenses!

Summary

When you need a little extra cash, you might be sitting inside your biggest asset -- your home! Use the equity in your home to obtain a FlexEquity Line of credit and access a line of credit that's available for you to use when and how you need it. Better still, under the tax law, you may be allowed to deduct the interest.

Features:

  • During the draw period, choose from revolving line of credit or fixed rate/fixed term repayment options
  • Allows customers to "lock in" a rate for major purchases with the term option
  • Use multiple repayment options at the same time
  • Access available credit anytime through Online Banking
  • No application fees, points, and we'll pay up to $250 toward closing costs*
  • No prepayment penalties
  • Interest may be tax-deductible**

*Provided you take a qualifying advance at closing.

**Consult your tax advisor.

Repayment Options

Two Repayment Options

Use multiple repayment options at the same time. For instance, you can use the Fixed Rate/Fixed Term payment option for a vehicle purchase while using the Revolving Line of Credit option to pay off a credit card.

Option 1: Revolving Line of Credit

With a variable rate during the draw period based on the Prime Rate interest accrues only on the amount you actually use. During the draw period, the minimum monthly payment is 1 1/2% of the outstanding balance, includes the accrued interest, and usually reduces the outstanding principal balance. This is a suitable option for:

  • Small home improvements
  • Debt consolidation
  • Furniture
  • Tuition

Option 2: Fixed Rate/Fixed Term

With a fixed rate and term, there's no guessing about payments. You can set up a fixed monthly payment for each advance, selecting from a variety of repayment options. This applies to each advance you make (minimum amount of $5,000). With this option, you may have up to three advances outstanding at any one time. This option is suitable for:

  • Vehicle purchases
  • Boat purchases
  • Home improvements
  • Debt consolidation
Disclosures

FlexEquity Line

Special limited time offer: 12 months introductory rate of 3.99% APR¹

Credit Lines Beginning at $15,000

Collateral: Equity in a primary residence

Minimum Advance at Closing $5,000

Interest Up to 100% Tax Deductible*

Loan-to-Value/Rate**

  • Up to 70%, prime rate
  • 80%, prime plus .50%

Repayment Options

  • 1.5% of outstanding balance

Fixed Option**

  • Set monthly payments of principal & interest
  • Flexible repayment options from 36 to 120 months
  • Create up to 3 loans within your line
  • As you make payments, your available credit is instantly replenished

Fees

  • $25 for each balance conversion to term loan
  • $35 per year for non-use of line***

¹Annual Percentage Rate. Outstanding balances on your new line of credit will be calculated at a fixed rate of 3.99% for the first 12 months, followed by a standard variable APR tied to Prime Rate for the life of the loan subject to a 5% APR floor (currently 5% APR). This offer is subject to credit approval and is based on a minimum line amount of $15,000 with a required initial advance of $5,000 or greater. Certain conditions and restrictions may apply.

* Interest may be tax-deductible; consult your tax advisor.

**All rates are based on each individual's credit history and loan-to-value ratio, are variable and subject to change at any time without notice and may be higher or lower than the rate currently offered. Prime Rate is a variable rate based on the Prime Rate established on the first day of each month in the Eastern Edition of The Wall Street Journal. As of January 1, 2009, the Prime Rate is listed at 3.25%. Annual Percentage Rate will not exceed 18.0% or the maximum permitted by state law, whichever is less. Property insurance, and flood insurance where applicable, may be required. This offer is limited to owner-occupied, single family dwellings and is not valid for rental properties, cooperatives, mobile homes, or residential lots. Equal Housing Lender. Member FDIC.

***The $35 fee is only charged during any 12 month period with no balance or activity on the line of credit.

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