Excel with Your Home Equity
A PyraMax Bank home equity line of credit (HELOC) offers flexibility over the length of the loan — borrow what you need when you need it. With budget-friendly, interest-only payments, low closing costs, a low annual fee and competitive interest rates, the HELOC is a great tool for your lending and cashflow needs.
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your local bank branch.
1 Introductory APR (Annual Percentage Rate) of 1.99% during the 12-month introductory period.
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 4.75% 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 06/01/2022. Offer may expire at any time without notice.
3 The $50 annual maintenance fee is waived for the first year. Closing costs waived for loans less than $100,000. Closing costs for loans of $100,000 and above range from $325 to $1,000.