Home Equity Line of Credit
3.49% APR1 promo rate for 6 billing cycles, guaranteed
5.49% APR1 current variable rate thereafter
You’ve been good to your home. Now let your home return the favor.
A home equity line of credit allows you to leverage the investment you’ve made in your home. Want to pay off those credit cards at a lower interest rate? Make some home improvements? A home equity line of credit from Desert Community Bank makes it possible.
HAVE ACCESS TO FUNDS WITH LOAN AMOUNTS RANGING FROM $10,000 to $1,000,000:
- Avoid bank-imposed costs with a line that’s open for 36 months
- Make the most of the 10-year draw period and 20-year repayment period
- Have access to funds with loan amounts ranging from $10,000 to $1,000,000
- Have a clear understanding of the variable interest rate, which is based on the Wall Street Journal prime rate
- Utilize a variety of draw methods
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1Desert Community Bank home equity line of credit (HELOC) annual percentage rate (APR) is variable and is based on prime rate published in the Wall Street Journal as of August 1, 2019, plus a margin for line amounts of $10,000 - $1,000,000 and with a combined loan-to-value (CLTV) of 80% or lower. Effective August 5, 2019, the 3.49% APR Promotional rate is available for 6 billing cycles after which the APR will range from 5.49% APR - 21.00% APR. All stated APR ranges apply to lines secured by residential property only. 1-4 unit owner occupied, modular homes, and owner occupied secondary homes. APR following the 6 month Promo APR reflects a 1.00% interest rate discount available for HELOCs with 1) an initial draw of at least $25,000 at closing and 2) monthly auto payment established and elected at the time of application to be paid from a borrower’s Flagstar Bank Deposit Account. Promotional rate not available for purchase transactions. Discounts are not available during the promotional period but will apply at the maturity of the Promotional Rate. Your APR may be higher and will be based on the variable rate index value in effect at the time of account opening, your credit qualifications, amount of the line of credit, loan-to-value ratio, and type of property. The annual fee is $75 per year. The Line must remain open for at least 36 months to avoid payment of closing fees, including, but not limited to title, appraisal, notary and recording fees. Loan amounts greater than $500,000 require borrower-paid Lender's Title Insurance. Borrower is responsible for paying required government taxes and fees at closing. During the 10 year draw period, your minimum payment will equal the greater of $100 or the periodic finance charges, and other fees, charges, and costs. During the 20-year Repayment Period, if any, your minimum payment for each Billing Cycle will equal the greater of $100 or the amount sufficient to repay the Account Balance in full by the Maturity Date in substantially equal payments plus the Finance Charges that accrued for that Billing Cycle and other fees, charges, and costs. Borrower is responsible for separate payments of taxes and insurance. Subject to credit approval and underwriting terms and conditions. Rates and programs subject to change without notice and the APR will not exceed 21%. Offer not valid in TX. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well. You must have verifiable income. Offer may be withdrawn without notice. Rates apply to new HELOC accounts and may not apply to existing HELOC accounts. Please consult your tax advisor regarding the deductibility of interest. Some restrictions may apply.
CONSIDERATIONS: Fees and charges may vary by product and state. Consolidating or refinancing debt may increase the time and/or the finance charges/total loan amount required to repay the debt. Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing.