| |
| Rates as low as |
| 3.75% |
A.P.R.*
Variable Rate |
| (Prime Plus 0.50%) |
|
| on your Home Equity Line of Credit |
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- Potential Tax Benefits
A home equity line of credit is one of the smartest ways to get a loan because the interest you pay may be tax deductible.*
- Borrow and Repay As Needed
Once your line of credit is established, you can borrow what you need, when you need it.
- Low Monthly Payments
With a CNB Home Equity Line of Credit, your monthly payments are low because you are only required to pay the interest each month.
- Low Interest Rate
Because your line of credit is secured by the equity you have in your home, you’ll pay an exceptionally low rate of interest. That means huge savings for you because you pay interest only on the money that you use.
- No Annual Fees
Unlike lines of credit with some of our competitors, you’ll pay no annual fees with a CNB home equity line of credit, and you’ll also pay no application fees.
- Total Flexibility
So, it’s easy to get the money you need to do the things you want! A CNB home equity line of credit is positively one of the smartest loans you will ever get.
- No Closing Costs
Really. You will save big money because we pay the closing costs.
* Interest Rate: The advertised annual percentage rate (A.P.R.) will vary based on The Wall Street Journal Prime Rate (Prime Rate was 3.25% as of March 1, 2010). The offered rate of Prime Plus 0.50% (currently 3.75% APR) is for 1st lien position lines of credit between $30,000.00 and $250,000.00 with a loan to value (LTV) of 90% or less which are booked in our Columbus, DeSoto County, Hattiesburg, and Jackson markets. In all other Citizens National Bank markets, the current rate for 1st lien position lines of credit with a loan to value (LTV) of 90% or less between $30,000.00 and $250,000.00 is Prime Plus 1.00% (currently 4.25% A.P.R.) The maximum A.P.R. will not exceed 21.00%. Other rates are available for lines of credit less than $30,000.00 or lines of credit in 2nd lien position. The APR will never go below 3.75% for lines of credit in the markets of Columbus, DeSoto County, Hattiesburg, and Jackson A 4.25% floor rate applies in all other markets. Interest rates do not include costs other than interest. Loan rate includes a .25% discount for automatic loan payment from a Citizens National Bank checking account.
Tax Benefits: Consult your tax advisor regarding deductibility of interest.
Line Terms: Rates and terms are subject to change without notice. Offer subject to approval, including credit approval and collateral requirements. Citizens National Bank must receive a valid first or second real estate lien on a primary residence owned and occupied by the borrower. Offer does not include manufactured homes. Property insurance required including flood insurance where applicable. Minimum line amount if $10,000.00.
Closing Costs: Citizens National Bank will pay all bank required closing costs on lines of credit in any amount. A minimum initial advance of $10,000.00 must be made within 30 days of closing and remain outstanding for 90 days. There is no minimum draw requirement if the line of credit is in conjunction with a Citizens National Bank first mortgage in which the bank used the appraisal policy and title policy from the first mortgage. Waived closing costs will be recovered if agreement is terminated within 2 years of closing or if the requirements for the minimum initial advance are not met. Closing costs vary greatly depending on the amount of the line of credit, and can range from $150.00 to $1,500.00 for lines of credit less than $250,000.00.
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