Take Advantage of Your Home’s Equity
Are you looking to leverage your home’s value to renovate, pay for tuition, or consolidate debt? Our Home Equity Plus Line of Credit will give you more flexibility than what a traditional home equity line of credit can provide. You can draw from this flexible Home Equity Line of Credit, as you need it.
- Interest rate is Prime plus 1.50% with a floor of 5.25%, APR currently 5.25%
- Can finance up to 90% of your primary residence’s value minus your first mortgage balance
- Low minimum interest only payment during the draw period with a minimum $50 monthly payment
- No application fee
- No annual fees
- No points
*Annual Percentage Rate (APR): Interest rate is a variable rate which is adjusted monthly based on the Prime Rate as published in the Wall Street Journal plus 1.50%. Prime is currently 3.25%. Minimum APR is 5.25% with a maximum APR of 18.00%. Rate quoted is for owner occupied single family properties and owner occupied residential condominiums. Payment plans are 10 years interest only with a minimum monthly payment of $50 during the draw period, followed by 10 year repayment period of principal and interest payments. Minimum line amount is $10,000 with a maximum line amount of $250,000. Maximum combined loan to value (CLTV) is 90% of the appraised value. Property insurance is required. An early termination fee of $500 will be assessed at the time of payoff if the line of credit is closed within 36 months of the date of the Note. Borrower will pay for a Full Appraisal if the property has over 10 acres; fee is $460. The Appraisal fee will be refunded to you after closing. The fee may be forfeited on withdrawn or denied applications. Loan offer is subject to credit approval and other terms and conditions apply. Consult a tax advisor regarding the deductibility of interest. This offer may be withdrawn at any time. Rate is effective April 06, 2020 and is subject to change. Existing Cornerstone Bank home equity line of credit customers must apply for and be approved for an increase in their current line by at least $10,000 to qualify.