Home Equity Credit Line
The Home Equity Credit Line is todayís smartest and most economical way to borrow: great rates, ultimate flexibility, a potential tax break, and the ease and convenience of dealing with your local community bank. Whether itís for home improvements, college tuition, unexpected medical expenses, paying off higher interest rate debt or other major purchases, establishing an equity line of credit makes financial sense for most homeowners. Once you have a Home Equity Credit Line from American Enterprise Bank, you can use the equity in your home for what you need now ó or later.
Great Rates are Just the Beginning*
For lines of credit $99,999.99 and under, the interest rate is prime plus 0.75%*; for lines of credit $100,000 and above, the interest rate is prime plus 0.25%* ó both significantly lower rates than the average credit card or other non-secured loans. And, if you have a lower loan-to-value ratio or make monthly payments via automatic debit from your checking account, you may qualify for even lower rates. Check with your loan officer. Best of all, we make your line easy to use ó and easy to fit into your budget.
Itís a Better Way to Borrow
A Home Equity Credit Line from American Enterprise Bank is a flexible, revolving line of credit from $10,000 to $249,999, based on the equity youíve built in your home and your credit worthiness. Just write yourself a loan whenever you need it and pay interest only on the amount you use. Unlike most other forms of consumer credit, home equity credit lines give qualified borrowers an important tax break: the interest paid is deductible for most homeowners. Consult your tax advisor about your personal financial situation.
*American Enterprise Bankís Home Equity Lines are variable-rate products which are tied to the Wall Street Journalís published Prime rate, currently 3.25% as of October 30,2013. Your rate will adjust as the Prime Rate changes. Equity Lines are limited to a maximum 80% combined LTV (loan to value) up to a combined loan amount of $650,000, 75% combined LTV (loan to value) up to a combined loan amount of $650,001 to $999,999 70% combined LTV (loan to value) up to a combined loan amount of $1,000,000 to $1,200,000 and are intended for and serviced by a first or second lien on the applicantís primary one-to-four family residence located in Illinois. Approved lines of $100,000 and above are at Prime plus 0.25%, with a minimum Annual Percentage Rate (APR) of 4.50% and a Maximum APR of 25%. Approved Credit Lines of $99,999.99 and under are at Prime plus 0.75%, with a minimum Annual Percentage Rate (APR) of 4.75% and a Maximum APR of 25%. Typical third-party fees are waived. An annual fee of up to $50 may apply after the first year and can be waived with an auto debit from an AEB account that has a recurring electronic deposit. The Equity Lines are interest only monthly and there is a balloon payment of any unpaid principal due at maturity. There is a $500 cancellation fee if the Home Equity Credit Line is closed/cancelled within 36 months of the date of the note. Property insurance is, and flood insurance may be, required. Rates subject to change. Consult your tax advisor regarding the deductibility of interest. Other terms and conditions may apply. Other products available. NMLS #412438.
The Savings Really Stack Up
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Start using your home equity to your best advantage.
For more information contact your local AEB branch, or click here to contact us via email.