Home Equity Line of Credit.
A Home Equity Line of Credit is a great way to help pay for large items such as home repairs and education or to consolidate higher interest rate debt.
Annual Percentage Rate is 1.99% for the first 12 months and then adjusts to Wall Street Prime Minus 0.5%. Maximum Annual Percentage Rate of 18% and floor Annual Percentage Rate of 2.75%. Loan to value 85% or below. Available for one to four family owner occupied properties only. Requires an initial draw of a minimum of $10,000 in new money. Prepayment penalty of $200 if closed within 3 years. Annual fee of $25 on first anniversary and yearly thereafter. Requires auto deduction from Lake National Bank account for payment. Property insurance required. Subject to credit approval and may be modified or discontinued at any time. Rate is accurate as of date of publication and subject to change without notice. Offer expires October 31, 2014. Member FDIC/ Equal Housing Lender.