Starting Rate of 6.000% is fixed for the first 6 months. Thereafter, the rate is a variable rate, and may change monthly, based on the Prime Rate. Minimum rate (floor) is 4.75%; Maximum rate (ceiling) is 16.50%. $1000 minimum draw. If only minimum payments are made, a balloon payment will result at maturity.
*Annual Percentage Rate
All interest rates are subject to change without notice.
Borrower(s) must have adequate homeowner’s insurance and flood insurance (if applicable) in place at the time the line is opened.