|
|
 |
|
|
|
|
|
|
Home Equity Line of Credit
Put your home ownership to good use. With a Monroe Bank & Trust Home Equity Line of Credit, you can use the equity you’ve been building in your home to get credit… and make a variety of purchases.
Features and Benefits
- Borrow up to 85% of the equity in your home.
- An extremely affordable financing option -some with interest-only payments for up to 10 years.
- Fast turnaround times mean you don’t have to wait to make your purchases.
- Use for a variety of purchases: cars, boats, recreational vehicles, home furnishings, loans, lawn and garden, bill consolidation and more.
- No loan processing, application, or appraisal fees; and no annual fee if you have three additional MBT accounts.
- Convenient, easy to use debit card!
|
|
Current Rates
| Home Equity Line of Credit |
| Loan to Value |
Term |
Rate |
APR |
| 80% LTV |
10 yrs |
4.00% |
4.00% |
| 85% LTV |
10 yrs |
4.25% |
4.25% |
See important disclosure information below. |
|
It’s Time You Got Some Credit
As a homeowner, you’ve been building equity in your home with every mortgage payment you make. You deserve some credit - A Monroe Bank & Trust Home Equity Line of Credit.
By using the equity in your home to secure the debt, you may qualify for a significant amount of credit. And as a revolving credit option, an MBT Home Equity Line lets you take advantage of your equity whenever you want… for whatever you want, from cars, boats, motorcycles, and ATVs, to home furnishings, lawn and garden purchases, and home improvement projects. You can even pay off loans or consolidate debt.
Call an MBTeam loan professional today at 734-242-7700 to learn more, or apply online.
|
Best rate shown based on credit score. Rates displayed above may change at any time and without advance notice. It is the reader’s responsibility to verify rates with an MBT loan officer. All products and services are subject to Bank and credit approval.
The variable Annual Percentage Rate (APR) for the line is as low as Prime, currently 4.00% APR as of October 29, 2008. Prime is to the Wall Street Journal Prime Rate. The rate for your line will depend on your credit qualifications and loan-to-value ratio, and will range from a variable APR of Prime (currently 4.00% APR) to Prime + .25% (currently 4.25% APR). Minimum credit limit is $5,000. Credit limit is based on loan-to-value ratio and credit qualifications. HELOC rates cannot be less than 4.00% APR nor exceed 25.00% APR. No closing costs. An annual fee of $75.00 is charged at the beginning of each year beginning in the 13th month. An early termination fee of $250 will be charged if closed within 24 months. Property, title, and/or flood insurance, if applicable, is required. Consult your tax advisor about the deductibility of interest. |
|
|
|
|