If you are worried about rates going up, the fixed-rate Home Equity Line of Credit is perfect for you. If rates are on the rise, with a fixed-rate loan, you will be locked into your rate through the term of your loan. You can open this with a smaller minimum balance than the Floating Rate Line of Credit.

-New money only. Hazard Insurance required.

-After the 5 year term is up, loan can either be paid off or renewed at current fixed rate.

-A.P.R. is equal to Annual Percentage Yield.

Convenience:

• Provides you the flexibility of accessing your funds for things such as: home improvements, education, or debt consolidation
• Home Equity Credit Line is a 5-year note
• Your minimum monthly payment is the accrued interest. You can pay as much principal payment each month as you desire without penalty*
• You can access your Home Equity Line of Credit through Royal Banks Checks or through a convenience check mailing

*A balloon payment will result in you having to repay the entire outstanding Loan Balance in a Single Payment at time of maturity.

Flexibility:

• Minimum loan is $10,000.00.  The maximum loan amount is 80% of the appraised value of your home minus your last mortgage

Savings:

• Potential Tax Savings- Interest paid on your Home Equity Line of Credit may be tax deductible.  Consult your tax advisor regarding the deductibility of interest