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Line Of Credit
|IDEAL FOR CUSTOMERS WHO||Want to borrow a specific amount using the equity in their home||Want to borrow funds for immediate and future needs using the equity in their home|
|LOAN AVAILABLE FOR USE ON||
|INTEREST RATE||Fixed||Variable with a fixed-rate option1|
|MAXIMUM LOAN AMOUNT||$350,0002||$350,0002|
|MAXIMUM LOAN TO VALUE||85%||85%|
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.
- Fixed-rate loan option applies to a home equity line of credit with a minimum outstanding balance of $5,000 and allows for a maximum of three (3) interest rate locks during the 10-year draw period with a $100 fee per lock.
- Loan sizes in excess of $250,000 require Univest to be in 1st lien position.
- The Home Equity Line of Credit has a variable annual percentage rate (APR) for the first 120-month (10-year) draw period. The APR is based on the published Prime Rate published in The Wall Street Journal, plus a margin. 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.