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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1 Introductory APR (Annual Percentage Rate) of 4.99% 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 8.25% 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 05/22/2023. 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.
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 Introductory APR (Annual Percentage Rate) of 4.99% during the 12-month introductory period, followed by interest only payments during the remaining draw period and principal and interest payments during the repayment period. During the remaining draw period the variable rate may change monthly and is indexed to Prime Rate (as published in the Wall Street Journal), currently 8.25% APR, plus a margin as defined within the original HELOC documents. Variable APR after introductory period cannot exceed 18%, and will never fall below 4.00%. Payments during the 20-year repayment period are amortized principal and interest. 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. Rates effective 05/22/2023. Offer may expire at any time without notice. Full hazard insurance required. Early termination fee of $500 for closing the HELOC within 24 months of original opening. Other restrictions may apply. Consult your tax adviser.
