1Desert Community Bank Home Equity Loan (HELOAN) is a fixed-rate and term loan for loan amounts of $10,000 to $1 million with amortization options of 10, 15, and 20 years secured by primary residence; specifically, 1- to 4-unit residential homes and modular homes. The annual percentage rate (APR) of 8.04% APR is effective as of 12/3/2023. The APR calculation is based on a $50,000 loan amount, 20-year term loan in second lien position, with an 80% or lower combined loan-to-value (CLTV), and 240 monthly payments of $418.22, and reflects a 0.25% interest rate discount for monthly automatic payments established and elected at the time of application to be paid from a borrower's Desert Community Bank deposit account. The actual APR may vary due to loan programs being offered, lien position, credit history, rates in effect at the time of application, loan-to-value (LTV), amortization terms, and other factors. The APR is based on loan amount, loan term, interest rate, and includes an estimated 15 days of prepaid interest. The APR may change if the loan amount, interest rate, loan term, or number of days of prepaid interest changes. Interest rate discount of 0.25% is available for HELOANs with monthly automatic payments (ACH) established and elected at the time of application to be paid from a borrower’s Desert Community Bank deposit account. APR is subject to change at any time prior to consummation. No bank-imposed closing costs. Borrower will be responsible for prepaid interest and all state and government specific charges and taxes. 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. Borrower will make monthly principal and interest payments. Borrower is responsible for paying separate property taxes and insurance. Rates apply to new HELOAN accounts and may not apply to existing HELOAN accounts. Borrowers must have verifiable income. Offer not valid in Texas, Puerto Rico, or the U.S. Virgin Islands. 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. HELOANs are only offered through a Retail Banking Branch. Some restrictions may apply.
