Introductory Rate of 0% APR for 3 Billing Cycles and then Variable Rate 4.00% APR Thereafter. Introductory rate of 0% Annual Percentage Rate (APR) is fixed for the first three (3) billing cycles. The number of days in your billing cycle may vary based on your account opening date. After the first three (3) billing cycles, the APR will vary based on the U.S. Prime Rate as published in the Wall Street Journal +/- a margin. The margin is based on your credit score and a maximum CLTV of 80%. As of May 4, 2020, Prime Rate was 3.25% APR. The minimum line of credit to receive the introductory rate of 0% is $10,000 with a draw of $5,000 or more at closing. Your APR will never be higher than 21%. HELOC must be new money to CNB, unless current CNB HELOC is within one year of maturity. Other HELOC options are available. Collateral cannot be classified as a manufactured or mobile home. If your loan payment is automatically debited from your CNB personal checking account, CNB will pay all bank required closing cost for approved credit lines less than $250,000 and up to $500 in closing costs for approved credit lines exceeding $250,000. Certain fees may apply from $1 to $1,500 when payment is not auto debited from a CNB personal checking account. Land survey, if required is not included in bank paid costs. $500 closing cost recovery fee will be assessed if line is closed within 24 months of contract date. This loan consists of a 10-year draw period with interest only payments and a 15-year repayment period. Repayment period consists of variable rate monthly minimum payments including principal and interest. Repayment APR is based on U.S. Prime Rate as published in the Wall Street Journal +/- a margin but will not exceed 21% and will not fall below your base rate. Homeowners insurance is required. Your base rate is Prime +/- a margin determined by your loan to value and credit score. Rates and APRs are subject to change without notice. Consult your tax advisor regarding deductibility of interest. Subject to credit approval.
Your Home Equity Line of Credit offers convenient access to your money, with interest-only payments during the initial 10 year draw period.
The interest you pay will be low, but it also may be tax deductible, just like your mortgage interest. Please consult a tax advisor about your individual situation to determine whether your Home Equity interest paid will be tax deductible.