Home Equity
Need a quick and convenient way to borrow the money you need? Then let Citizens First set up a Home Equity Line of Credit today. This variable rate line of credit utilizes the equity in your home and provides for a reusable source of cash. Need money for an emergency repair around the house? Simply use one of the pre-printed checks provided to write a check against your line of credit – no questions asked.
Home Equity Line of Credit Details
- Borrow up to 80% of the equity in your home.
- Variable rate of interest tied to the Wall Street published Prime Rate.
- Reusable source of cash - as the principal balance is paid back, funds remain available up to the original approved line amount.
- Convenient repayment terms such as interest only.
- Receive a personalized checkbook with pre-printed checks to access your line.
- Monthly statement itemizes advances and balance information.
Credit Life Insurance available.
- In many cases, the interest is tax deductible - ask your tax advisor for details.
- $40.00 Annual Fee waived for first year.
- $85.00 Processing Fee required to open. If Appraisal is required, an Appraisal Fee will be charged. Fee for Title Insurance Policy applicable for lines in excess of $250,000.00.
| Home Equity/Home Improvement Term up to 80% LTV |
| Type | Down Payment | Term | Rate | APR |
| $5,000 - $24,999 | $85.00 | 61 - 120 Months | 6.35% | 6.4916% |
| $25,000 - $49,999 | $85.00 | 61 - 120 Months | 6.14% | 6.2790% |
| $50,000 - $99,999 | $85.00 | 61 - 120 Months | 6.04% | 6.1778% |
| $100,000 + | $85.00 | 61 - 120 Months | 6.01% | 6.1474% |
Example: A loan amount of $20,000 at 6.350% for 120 months would have a monthly payment of $225.57.
|
| Home Equity Line of Credit 80% Maximum LTV |
| Type | Down Payment | Term | Rate | APR |
| $5,000 - $24,999 | 85.00 | Up to 60 Months | 5.00% | 5.00% |
| $25,000 - $49,999 | 85.00 | Up to 60 Months | 5.00% | 5.00% |
| $50,000 - $99,999 | 85.00 | Up to 60 Months | 5.00% | 5.00% |
| $100,000 + | 85.00 | Up to 60 Months | 5.00% | 5.00% |
Example: A loan amount of $10,000 at 5.000% for 60 months would have a monthly payment of $188.71.
|
| Home Equity/Home Improvement Term 80% LTV |
| Type | Down Payment | Term | Rate | APR |
| $1,000 - $500,000 | 85.00 | 60 Months | 5.40% | 5.5745% |
Example: A loan amount of $20,000 at 5.400% for 60 months would have a monthly payment of $381.10.
|