A Home Equity Line of Credit is a revolving line of credit that works much like a credit card.
It is an open ended line of credit that is secured by the equity in your home.
Home Equity Line of Credit Disclosure
*Loan Specials for a limited time. APR= Annual Percentage Rate. Interest rates and APR are accurate as 0f 04/11/2018. Payments must be automatically deducted from your checking account for the 12 month introductory rate of 1.99% APR. If payments are not automatically deducted, the introductory 12 month rate will be 2.49%. After the limited time interest rate expires, the interest rate will float based on Wall Street Journal Prime Rate if payments are automatically deducted from your checking account. If payments are not automatically deducted from your checking account, the interest rate will float based on Wall Street Journal Prime Rate plus 0.50%. The minimum Annual Percentage Rate that can apply during the line of credit is 4.00%** and the maximum Annual Percentage Rate that can apply during the line of credit is 20.00%. Payments based on a $10,000 line of credit for the first year with an APR of 1.99% would be $16.58. Payments based on a $10,000 loan with payments deducted is 4.75% with an APR of 4.75%*** and 59 monthly payments of $39.58 with a final payment of $10,039.58. The minimum rate without automatic payments deducted is 5.00% with an APR of 5.00% for 59 months of $41.67 with a final payment of $10,041.67. The advertised rate is available for only 60 month home equity loans. This offer is for new loans and is not available for refinancing existing Royal Banks of Missouri Loans. No closing cost; however, if the home equity line of credit is closed within 24 months from the origination date, the borrower will reimburse Royal Banks of Missouri the actual closing cost paid by the Lender. Subject to credit approval. All other loan terms and requirements apply. Other restrictions may apply. Payments do not include amounts for taxes and insurance premiums.
**The Line of Credit will have a floor of 4.00% after the first year with monthly payments automatically deducted from a bank account.
***Offer is subject to change without notice.