Rate is available for new EquityLines only. APR is based on the highest Prime Rate published in the Money Rates table of The Wall Street Journal on the last business day of the previous calendar month. The current Prime Rate, as of December 31, 2016 is 3.75%. The APR is variable and may change at any time. Maximum APR is 18.00%. Minimum APR is 1.95%. Rates are subject to change without notice. Please see your local First Citizens banker. Closing costs are generally between $150 and $1500 but will vary depending on the state in which the property is located and loan amount.
1. To receive the Introductory rate you must take an initial draw at closing from the new EquityLine of greater than or equal to $15,000. Initial balances of greater than or equal to $15,000 as well as any other outstanding balances on your new EquityLine during the first 12 months after loan closing date will be calculated at the introductory variable rate of 2.24% APR, which is Prime Rate — 1.51%. Rate is for new EquityLines with an LTV of <= 80%. For LTVs > 80%, there is a 0.50% premium added to the APR.
2. After one year your APR changes to a variable rate as low as 3.49%, which is currently Prime Rate—0.26%. To qualify for a 3.49% APR, the applicant must have a minimum line of $100,000+, less than 80% combined loan-to-value, a 750+ Beacon credit score, a Premier or Prestige Checking Account, and make payment using First Citizens auto-draft from a First Citizens’ checking account. Non-discounted APRs range from 3.99% to 9.00% APR.
3. Minimum line amount required is $25,000+.
4. Minimum line amount required is $100,000+.
5. Consult your tax advisor regarding the deductibility of interest.
6. Fixed Rate Option must be at least $5,000 per advance; and you may have up to three (3) outstanding fixed rate options at any time. During the draw period, you can select a term ranging between 12 to 180 months. The term of the option cannot exceed the term of your EquityLine. There is a $50 fee for each fixed rate option. Rates are subject to change without notice. As the fixed rate option is paid down, the funds will become available again for advances during the draw period. The fixed rate option is not available in Texas.
First Citizens checking account is recommended. Property insurance is required. Title insurance and flood insurance may be required. Account openings and credit are subject to Bank approval. Certain restrictions apply.