1 All loans are subject to credit review and approval. Advertised APR is variable and subject to change without notice. 2.99% APR is an introductory fixed rate for the first 12 months, for qualified Home Equity Line of Credit (“HELOC”)borrowers. After the introductory period, a variable APR based on the Prime Rate (as published in the Wall Street Journal) plus or minus a margin will apply. As of 10/31/2019, the prime rate is at 4.75%. Therefore, depending on the date you apply, the advertised rate(s) may not be available. If the Prime Rate increases or decreases after the Introductory Period, the variable APR and minimum required payment will change accordingly. The maximum term of a HELOC is 30 years which consists of a 10-year draw period followed by a 20-year repayment period.
The introductory fixed rate is for a maximum Combined Loan-To-Value (CLTV) ratio of 80%, with a maximum loan amount of $1,000,000. After the introductory fixed rate expires, the fully indexed rate may include a 0.25% discounted rate for automatic payments from an Affinity account. The rate without automatic payments will be higher. The standard minimum APR (floor rate) is 3.00% and the maximum APR (ceiling rate) assessed by Affinity cannot increase by more than 6% above the initial fully indexed rate (NOT based on the introductory interest rate). Offered rates are subject to change without notice. The interest rate you qualify for is based on our review of your creditworthiness, the available equity in your home, and is contingent upon you granting Affinity a valid first or second mortgage. If the HELOC is less than $250,000, there are no upfront fees. If the HELOC is $250,000 or higher, the borrower will be required to pay for a full title insurance policy. For all HELOCs where state mortgage tax or other state fees are charged borrower will be responsible to pay this at closing and may take as an advance from the HELOC. If borrower pays off and closes the line within the first 36 months, they will be required to repay the third party fees paid by Affinity.
Home equity lines of credit are available in all states except Texas. Certain states may require a closing attorney. State specific fees may apply at closing. Homeowners’ insurance is required. Flood Insurance is required where necessary. Title Insurance may be required based on loan amount. Eligible properties include owner-occupied, 1-4 family residences, warrantable condominiums and townhomes. Investment properties, second homes, vacation homes, cooperatives, mobile homes, and purchase money transactions are excluded.
2 Home Equity Line of Credit (HELOC) Rate Lock Option: You can lock your outstanding variable interest rate balance to a fixed rate during the draw period by using your Affinity Rate Lock Option. You can use this rate lock option for up to 3 separate advances on a HELOC account at one time. There are no fees to request a rate lock. When you choose this option, the interest rate you receive for that rate lock will be fixed until the balance is repaid, up to a maximum term of 10 years. Minimum payment due on your fixed rate lock option includes principal and interest in fixed monthly payments. Your fixed interest rate will be 1% higher than the fully indexed rate on your HELOC at the time of the fixed loan request. If the rate lock is during the introductory period, the rate will be marked up based on the fully indexed rate and NOT the introductory rate.
