Home Equity Line of Credit
For customers who want flexible monthly payments and access to a revolving line of credit for ongoing credit needs.
Line of Credit Terms:
300-month term with a 120-month variable rate draw period followed by a 180-month fixed rate repayment period 1
Line of Credit Loan Amounts:
$5,000 - $350,000 2
Up to 85% of the appraised value on primary or secondary residences
Up to 75% of the appraised value on investment properties
Monthly Payment Options:
Choose one of two payment options for the 120-month draw period:
- Principal plus interest
After the 120-month draw period a 180-month fixed repayment period begins 3
No annual fee
- $250 processing fee
- Appraisal fees vary
0.25% Annual Percentage Rate discount on loan interest rate with automatic payment from a Univest checking or savings account
Fix 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
All loan applications are subject to approval. Interest 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 July 30, 2015. The minimum APR is 3.00%; maximum APR is 18.00%. The actual interest 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 interest rate locks during the 120-month draw period. $100 fee per interest rate lock.