Tap into Your Equity with our Home Equity Line of Credit!
You might already have the money you need right in your home! With a Cornerstone Bank Home Equity Line of Credit (HELOC) you can tap into the equity you have built up in your home for college education costs, home improvements, bill consolidation or whatever you’d like. A HELOC is a great way to access cash when you need it!
- 1.99% APR introductory rate for 6 months; 5.00% variable APR thereafter* (Prime minus .50%)
- Can finance up to 80% of your primary residence’s value minus your first mortgage balance
- Low minimum interest only payment during the draw period with a minimum $50 monthly payment
- No annual fees
- No points
- No application fee
You’ve invested a lot in your home. Wouldn’t it be nice to put that equity to work for you?
*Annual Percentage Rate (APR): Promotional rate of 1.99% is fixed for the first six months, followed by a variable rate which is adjusted monthly based on the Prime Rate as published in the Wall Street Journal minus .50%. Prime is currently 5.50%. Minimum APR is 4.00% with a maximum APR of 18.00%. Rate quoted is for owner occupied 1-4 family properties, owner occupied residential condominiums and second homes. Payment plans are 10 years interest only with a minimum monthly payment of $50 during the draw period, followed by 10 year repayment period of principal and interest payments. Minimum line amount is $10,000 with a maximum line amount of $350,000. Promotional rate has an initial minimum draw requirement of $10,000. Failure to maintain a daily balance of $10,000 for a period of ninety (90) days thereafter, a $350 processing fee will be charged to your line of credit, and the amount of available credit shall be reduced accordingly. There is no minimum draw requirement following the initial draw. Maximum combined loan to value (CLTV) is 80% of the appraised value for a line amount up to $250,000 and 70% CLTV for a line amount between $250,001 and $350,000, or if property has a chapter 61, 61A or 61B lien. Property insurance is required. An early termination fee of $500 will be assessed at the time of payoff if the line of credit is closed within 36 months of the date of the Note. Borrower will pay for a Full Appraisal for lines above $250,000, if the property is a 2-4 family, if the property has over 10 acres or if the property is held in a chapter 61, 61A or 61B lien; fees vary from $460 to $650 depending on the type of property. The Appraisal fee will be refunded to you after closing. The fee is forfeited on withdrawn or denied applications. Loan offer is subject to credit approval and other terms and conditions apply. Consult a tax advisor regarding the deductibility of interest. This offer may be withdrawn at any time. Rate is effective June 20, 2019 and is subject to change. Existing Cornerstone Bank Home Equity Line of Credit customers must apply for and be approved for an increase in their current loan by at least $10,000 to qualify.