Home Equity Line of Credit
3.49% APR1 promo rate for 6 billing cycles, guaranteed
As low as 4.99% 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.
A LINE OF CREDIT WHEN YOU NEED IT:
- 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 million
- 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) is a variable rate, revolving line of credit secured by residential property only: 1-4 unit owner-occupied, modular homes, and owner-occupied secondary homes. Annual percentage rate (APR) is based on the WSJ (Wall Street Journal) prime rate (index) as of October 31, 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 November 1, 2019, a 3.49% APR Promotional rate is available for 6 billing cycles after which the current variable APR will range from 4.99% APR - 21.00% APR, and will not exceed 21.00% APR. 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 automatic payment (ACH) established and elected at the time of application to be paid from a borrower’s Desert Community Bank Deposit Account. Promotional rate is not available for purchase transactions or for refinance transactions during the 36-month recapture period. Discounts are not available during the promotional period but will apply at the maturity of the Promotional Rate. Actual APR will be based on the variable rate index value in effect at the time of account opening, plus a margin determined by borrower credit qualifications, amount of the line of credit, lien position, combined loan-to-value (CLTV), type of property and other factors. APR remains variable for the life of the loan. Annual fee is $75 per year; waived the first 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, (a) for the Interest-Only payment terms, your minimum payment for each billing cycle will equal the greater of $100 or the Finance Charges that have accrued for that Billing Cycle or for (b) the Principal and Interest payment terms, 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. 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 property taxes and insurance. 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. Offer not valid in TX. Not a commitment to lend. Programs available only to qualified borrowers. Subject to credit approval, underwriting approval and lender terms and conditions. Programs subject to change without notice. Some restrictions may apply.
CONSIDERATIONS: Fees and charges may vary by product and state. Please consult your tax advisor regarding the deductibility of interest. Consolidating or refinancing debt may increase 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.