Home Equity Disclosures

Important Disclosure Information

Please read these disclosures carefully as it provides important information about your Home Equity Line of Credit and Home Equity Term.

Home Equity Line of Credit

$50.00 Annual Fee is waived for the first year.
Rate information: The ANNUAL PERCENTAGE RATE includes only the interest and no other costs. The plan contains a variable-rate feature, and the ANNUAL PERCENTAGE RATE and the minimum monthly payment can change as a result. The index during the draw period is: The Wall Street Journal Prime as published daily in the Money Rate Section of the Wall Street Journal. If more than one Prime Rate appears, then the highest rate will be used.
After you open a credit line, rate information will be provided on periodic statements that we will send you.
Rate Changes: The ANNUAL PERCENTAGE RATE can change daily. There is no limit on the rate changes at each adjustment. The ANNUAL PERCENTAGE RATE that can apply can never exceed 19%, or go below 3.95% at any time during the plan.

Minimum Payment Example: If you made only the minimum monthly payment and took no other credit advances, it would take 60 months to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 3.95%. During that period, you would make 59 payments varying from $30.30 and $33.55 and one final payment of $10,033.55.

Minimum Payment Requirements: You can obtain advances of credit for 5 years (the "draw" period). During the draw period, payments will be due monthly. Your minimum monthly payment will equal Interest Only. The minimum monthly payment will not repay the principal outstanding on your line.
You will be required to pay the entire balance in a single balloon payment.

Minimum Draw and Balance Requirements: The minimum credit advance you can receive is $500. You must maintain an outstanding balance of at least N/A.
Maximum Rate and Payment Examples: If you had an outstanding balance of $10,000.00 during the draw period, the minimum monthly payment at the maximum ANNUAL PERCENTAGE RATE of 19% would be $158.33. This ANNUAL PERCENTAGE RATE could be reached during the first rate adjustment period.
Tax deductibility: you should consult a tax advisor regarding the deductibility of interest and charges for the line.

Home Equity Term

Rate Changes: The ANNUAL PERCENTAGE RATE is fixed for the life of the loan.

Payment Requirements (Terms of Repayment) Example: If you made principal and interest payments monthly and took no other credit advances, it would take 120 months to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 5.7%. During that period, you would make monthly payments of $109.59.

Tax deductibility: You should consult a tax advisor regarding the deductibility of interest and charges for the loan.