Home Equity Line of Credit Special

Home Equity Line of Credit Special

Tue, 29 Apr, 2014 at 8:44
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Receive a Home Equity Line of Credit from any Northbrook Bank & Trust location!

A Home Equity Line of Credit at Northbrook Bank & Trust is a convenient and cost-efficient way to borrow money for almost any purpose:

• Home improvement
• Debt consolidation
• Education
• And more!

Plus, it gives you the flexibility to pay down your credit line and access funds as you need them. Already have a Home Equity Line of Credit with another bank? Pay off your current loan with these great rates!

Customers who sign up for a Home Equity Line of Credit will receive a $200 Red’s Garden Center Gift Card!2

1. Introductory special rate applies to new lines of credit only. Completed applications for this offer will be accepted through 6/30/2104. The Annual Percentage Rates (APRs) are accurate as of 4/14/14. The total term of the Home Equity Line of Credit (HELOC) is 240 months. During the first 10 years, the “Draw Period”, the APR is a variable rate based on an index of the highest Prime Rate reported in the Money Rates section of the Wall Street Journal (the “WSJ Prime”), plus a margin based on the amount of the line. However, for the first 12 months from the date of the loan there is an introductory rate of 2.99% APR which is not based on the index and margin used for later adjustments. For the remaining 9 years the terms will be as follows. On 4/14/14 the WSJ Prime Rate was 3.25% resulting in the following APRs: 10,000.00 - $99,999.99: 4.25% (Prime+1.00%), $100,000.00 - $249,999.99: 3.99% (Prime+.50%) based on a 3.99% floor, $250,000.00 - $499,999.99: 3.99% (Prime + .50%) based on a 3.99% floor, $500,000 + : 3.99% (Prime + .25%) based on a 3.99% floor. The APR may vary based on the use of auto-debit. The minimum APR is 3.99% and the maximum APR is 20.00%. Rates will change on the 1st day of the statement cycle following a Prime Rate change. Interest only minimum payments required during the Draw Period. During the “Repayment Period”, the remaining 10 years, the APR is a variable rate based on the WSJ Prime + 1.00% and will be calculated 45 days prior to the initial maturity of the Draw Period, subsequent changes will occur on the 1st day of the statement cycle following a Prime Rate change. The minimum APR is 3.99% and the maximum APR is 20.00%. During the Repayment Period, monthly principal and interest payments will be required to fully amortize the loan. There is an annual fee of $50, but will be waived for the first year. Offer applies to lines secured by owner occupied, one-to four-family residences with a maximum of 80% Loan to Value (LTV). Offer is not available for purchase money loans. Property insurance required and flood insurance may be required. Consult a tax advisor regarding the deductibility of interest. An early termination fee of the lesser of 2% of the initial credit limit or $500.00 will be charged if account is closed within 24 months of the loan date. No early termination fee in Wisconsin. There may be certain third party fees for entities such as appraisers, credit reporting firms, and government agencies to open the account, which generally total between $0.00 and $1,500.00. Pricing shown assumes borrower meets underwriting guidelines, otherwise a higher APR may apply or credit may not be available. See your loan officer for details. Offer subject to change without notice. 2. A $200 Red’s Gift Card will be provided at the time loan is closed. Completed applications will be accepted through 6/30/2014. Loan must be closed by 8/30/2014 to receive the $200 Red’s Gift Card. The value of the gift, $200, is IRS 1099 reportable. ©2014 Northbrook Bank & Trust