Home Equity Line of Credit
| Term | Annual Percentage Rate |
|---|---|
| Equity Line of Credit | |
| 120 month draw period followed by 120 month repayment period. | Prime Rate*, Variable |
LTV is determined as (1st Mortgage + Equity Loan)/Property Value.
Higher APRs apply unless payment is automatically deducted from your Lowell Five Deposit Account. All APRs subject to change at any time without prior notice.
*Variable rates calculated monthly tied to the Wall St. Journal Prime Rate, currently Prime is 7.50%.
Payments of interest only for the draw period, then payments of principal and interest for the 120 month repayment period. $25.00 inactivity fee will apply if account is not used during any twelve-month period. Maximum APR is 18%. Minimum APR is 3%. Property insurance and Flood Insurance (if applicable) is required.
Home Equity Loans and Lines of Credit are subject to approval.