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.
real estate investment
Term | 10 Years | |
Introductory Rate | First 12 Months- with Auto-Pay (ACH) | 2.25% |
Introductory Rate | First 12 Months- without Auto-Pay (ACH) | 3.25% |
Rate-Next 9 Years | With Auto-Pay (ACH) | Prime Floating with a 4.00% Floor |
Rate-Next 9 Years | Without Auto-Pay (ACH) | Prime Floating + 1.00%, with a 5.25% Floor |
Closing Costs | Line must be open for 2 years* | $0.00 |
Minimum Line Amount | In order to get the advertised special rates | $10,000 |
Floor | With Auto-Pay (ACH) | 4.00% APR |
Ceiling | With Auto-Pay (ACH) | 20.00% APR |
*Loan Special for a limited time. APR= Annual Percentage Rate. Interest rates and APR are accurate as of 08/26/2020. Payments must be automatically deducted from your checking account for the 12 month introductory rate of 2.25% APR. If payments are not automatically deducted, the introductory 12 month rate will be 3.25%. After the 12 month introductory 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 1.00%. The minimum APR that can apply during the line of credit is 4.00%**and the maximum APR 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 2.25%, and automatic deduction, would be $18.75. Payments based on a $10,000 loan, with automatic deduction, is 4.00%, an APR of 4.00%***, and 119 monthly payments of $33.34 with a final payment of $10,033.34. The minimum rate without automatic payments deducted is 5.00%, an APR of 5.00%, for 119 months of $41.67 with a final payment of $10,041.67. The advertised rate is available for only 120 month home equity lines of credit. This offer is for new lines of credit and is not available for refinancing existing Royal Banks of Missouri loans. No closing costs; 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. No annual or periodic fees. Payments do not include amounts for taxes and insurance premiums. All other loan terms and requirements apply. Other restrictions may apply.
**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.
Bank anytime and anywhere with Mobile Banking.
Royal Banks of Missouri has the mortgage program designed to meet the needs of your individual financial situation.
Totally free checking that treats you like royalty