3. Consult your tax advisor regarding the deductibility of interest.
4. 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. The Annual Percentage Rate for each fixed rate option will be fixed and based on an index plus margin. The index is based on the Federal Reserve Interest Rate Swaps in effect as of the last business day of the calendar month preceding the date on which an fixed rate option is taken, which was 1.67% on 5/6/16, plus a margin of 3.70%, which results in an APR of 5.37% based on $20,000 and a term of 10 years. 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.
Account openings and credit are subject to Bank approval. Certain restrictions apply.