Home Equity Line of Credit (HELOC)
Effective Date: Wednesday, September 22, 2021
|Home Equity Line of Credit (HELOC)
*APR=Annual Percentage Rate. APR subject to change at any time and is based on the Prime Rate as disclosed in the Wall Street Journal as of the 25th of the previous month. HELOC is a variable-rate line of credit secured by primary residences with up to 80% combined loan to value (CLTV) ratio for well-qualified applicants. Promotional rate shown. Annual Percentage Rate (APR) after the initial 6 months of the line of credit is as low as Prime-0.25%. After the introductory period the rate will never go below 3.25% APR. To qualify for the introductory APR, a minimum direct deposit of $500 per month into a First Atlantic deposit account is required. Promotional rates are for new loans to First Atlantic and are subject to creditworthiness. Additional conditions may apply. Subject to change at any time.
After the 6-month promotional period ends the rate will revert back to the prevailing APR. APR is based on The Wall Street Journal Prime Rate ("Prime") published on the 25th day of the previous month. The interest rate will not go below Prime, currently at 3.25% APR and not above 18.00% APR.
Eligible properties include owner-occupied 1-to 4-family properties, condominiums, and 2nd/vacation homes. Ineligible properties include but are not limited to investment property (defined as non - owner occupied property), a co-op, mobile home, or manufactured housing. Rate and terms are subject to change and credit approval. Home equity lines of credit are available in first or second lien positions. Not available for homes currently for sale. Property insurance required. Flood insurance may be required.
A $350 processing fee is waived at the time the loan closes. If the loan is paid off within 2 years this processing fee will be added to the amount required to satisfy the loan.
Members are not eligible if they are refinancing an existing First Atlantic HELOC.