Home Equity Line of Credit
For customers who want flexible monthly payments and access to a
revolving line for ongoing credit needs.
Terms:
300-month term with a 120-month variable rate draw period
followed by a 180-month fixed rate repayment
period 1
Loan Amounts:
$5,000 - $350,000 2
Collateral:
Up to 85% of the appraised value on primary or secondary
residences
Up to 75% of the appraised value on investment
properties
Monthly Payment:
Choose one of two payment options for the 120-month draw
period:
- Interest-only
- Principal plus interest
After the 120-month draw period a 180-month fixed repayment
period begins 3
Annual Fee:
No annual fee
Closing Costs:
- $250 processing fee
- Appraisal fees vary
Additional Features:
0.25% Annual Percentage Rate discount on loan rate with
automatic payment from a Univest checking or savings account
Fix all or a portion of the outstanding loan balance into a
fixed-rate home equity loan 4
Access account funds through writing checks, using an ATM or
debit card, transferring money through online banking or visiting
any Univest Financial Center
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All loan applications are subject to approval. Rates vary based
on credit score and other credit criteria, including loan to value
for home-secured loan requests.
1 The 120-month (10-year) draw periods Annual
Percentage Rate (APR) is variable and based on the Prime Rate
published in The Wall Street Journal, plus a margin. The Prime Rate
is currently 3.25%, as of June 19, 2013. The minimum APR is 3.00%;
maximum APR is 18.00%. The actual rate and terms may change at any
time before or after account opening. At the expiration of the
120-month (10-year) draw period the balance will convert to a
180-month (15-year) fixed principal and interest payment at a rate
in effect at that time.
2 Line sizes in excess of $250,000 require Univest to
be in 1st lien position.
3 During the repayment period the outstanding
balance will convert to a principal plus interest payment at a rate
in effect at that time. Interest-only lines of credit provide for
the payment of interest for a set period of time (120-month draw
period) and payments of principal and interest for the remainder of
the loan term (180-month fixed repayment period). During the
interest-only period, principal is not reduced. At the end of this
period, your monthly payment will increase, possibly substantially,
even if you have a fixed interest rate because you will be required
to pay both interest and principal. Always consider paying more
than the minimum payment to pay down the principal. Interest may be
tax deductible; consult your tax advisor for details.
4 Fixed-rate loan option applies to home equity
lines of credit with an outstanding balance of $5,000 or
more. The minimum loan amount for a fixed-rate loan is $5,000
with a maximum term of 180 months. Maximum of 3 rate locks at
any one time. $100 fee per rate lock.