HELOC Conversion

Low 12 Month Intro Rate for you existing HELOC

HELOC Test
	Modify Your Existing HELOC	Apply for a New HELOC
Best For	If you want an easy and quick way to take advantage of the lower rate on your existing HELOC without changing your credit line or term.	If you have an interest in a brand new line of credit to increase your credit line or to start with a new promotional rate term.
Your Line of Credit Limit	Will not change.	Your credit limit will be determined through the underwriting process.
Loan to Value Limit	Existing Combined Loan to Value (CLTV) must be 85% or less.	Will need to be at 85% CLTV or lower to take advantage of the promotional rate.
Promotional Rate Term	Your promotional rate is a 12 month term.	Your term will begin with 12 months of the promotional rate.
Fee	$275 flat fee.	No fee.
Credit Inquiry	A new credit inquiry will not be needed.	Will require a new credit inquiry which may have an impact on your credit score.
Appraisal	Does not require a new appraisal to be performed.	May require an appraisal based upon your property attributes.
Time Frame	It's easy, quick, and can be completed in as little as one week.	May require some additional documentation to validate current income and other items. May take up to 3-4 weeks to close on the new line.
To be Eligible	Remaining draw period must be equal to or greater than 12 months.	N/A
Loan Limit	$5,000-$150,000	$5,000 - $150,000 Promotional Rate or $5,000 – $250,000 Standard Rate
Choose your Option	Modify Existing HELOC	Apply for a HELOC

1. Conversion offer available to existing PyraMax Bank HELOC customers when requested within the initial 48 months of the original draw period for an existing HELOC with current balance amount of $5000 to $150,000, secured by primary residence, with Combined Loan to Value (CLTV) of up to 85%.

2. After the introductory period, the variable rate may change monthly and is indexed to Prime Rate (as published in the Wall Street Journal), currently 7.50% APR, plus a margin based on credit qualification and Combined Loan-to-Value (CLTV). Variable APR after introductory period cannot exceed 18%, and will never fall below 4.00%. Payments during the 5-year draw period are interest only. Payments during the 20-year repayment period are amortized principal and interest, with a variable APR indexed to Prime Rate (as published in the Wall Street Journal), plus a margin based on credit qualification and CLTV. If only interest is paid during the draw period, all amounts drawn are owed at the end of the draw period and monthly payments will increase when the 20-year repayment period begins. Payments on $99,999 for 20 years at 4.00% APR would be $605.97 or $6.06 per thousand borrowed. Other terms are available, and are based on credit qualification and combined loan-to-value (CLTV). Minimum loan amount $5000, maximum loan amount $150,000. Secured by primary residence. Full hazard insurance required. Early termination fee of $500 for closing the HELOC within 24 months of opening. Other restrictions may apply. Consult your tax adviser. Rates effective 03/01/2025. Offer may expire at any time without notice.