Home Equity Credit Lines1
Details
Product Description
A flexible revolving line of credit that allows you to borrow against the equity of your home whenever you need it.
Purpose
Common uses include:
- Home improvements
- Major purchases
- Education expenses
- Personal investments
Minimum Loan Amount
$10,100
Maximum Loan Amount
$1,000,0002
Eligible Property Types
May be secured by a 1st or 2nd Deed of Trust on your:
- Residence
- Second home
- Vacation home
- Condominium
- Town home
- Manufactured home with lot3
Maximum Loan-to-Value (LTV)
Up to 80% combined loan-to-value (LTV)4
Term/Repayment Period
You can obtain advances during the first ten (10) years of your loan (“Draw Period”). After 10 years, you can pay your account balance in full or you can choose to make principal and interest payments for up to 20 years.
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Payment Requirements
Refer to your Home Equity Application Disclosure for full details.
Interest Rate Features
Variable rate adjusted monthly during life of loan. Fixed rate options also available during the draw period. Call 1-800-995-5626 or the branch nearest you for rates currently available.
Relationship Discounts Available
You may be eligible to receive reductions in your qualifying interest rate based on your overall relationship with us. See rates for complete details.
Costs
You will not be charged any appraisal, title or other origination costs.
Annual Fee
None.
Early Closure Fee
You will be assessed a fee of $500.00 if you close or terminate your loan within 36 months of the opening date.
Accessing Funds
By check or in person at the branch nearest you.
Small Transaction Fee
You will be charged a fee of $15.00 for checks written for amounts less than $500.00.
1 All loans are subject to credit approval, verification, and collateral evaluation. Credit approval is subject to your meeting specific underwriting requirements. Product available to Arizona residents only and is subject to change without notice. Must be over 18 years old to apply.
2 For amounts in excess of $1.0 million, please apply in person at the National Bank of Arizona branch nearest you.
3 Manufactured home must be affixed to land; and is restricted to double-wide and primary residence only. Age restrictions may also apply.
4 Your LTV is determined by taking your loan amount plus the balances on any outstanding mortgages on the property divided by your home’s appraised or fair market value. Your maximum LTV will be determined by the value of your property. |
