Home Equity Line of Credit Loan
This loan is secured by the value of your home in excess of any amount owed on your property; it is normally processed within 21 days. Interest paid on home equity loans may be tax deductible! Contact your tax advisor to determine deductibility.
Line of Credit from $10,000.00 to $150,000.00
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Minimum initial advance of $5000.00 must be taken at closing
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Minimum subsequent advances $500.00 – first 3 advances per quarter are free
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Advance period will be 5 years, renewable for an additional five years
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Payments amortized over 12 years, with a minimum payment of $100/month
- The finance charge begins to accrue on the date each advance is posted to the credit limit
and accrues for each day the balance remains unpaid
Rate Information
| Loan to Value | Term | Variable Rate Based on: | Rate Floor |
| Up to 80% | Up to 144 months | Prime (Index) | 5.00% |
| Over 80% - 90% | Up to 144 months | Prime plus 3/4% (Margin) | 5.75% |
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Rate adjustment twice annually in February and August
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Cap on rate changes: 1% per adjustment
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Cap on adjustments: 7% maximum over the term of the loan
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A.P.R. can never exceed 18% or fall below 5%
Borrow Your Equity Based on the Following:
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County Property Tax Valuation or
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Certified Appraisal – up to 90% *
Other Important Information:
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First and 2nd Mortgages Only - 3rd mortgages not available
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Home equity only. Not available for purchases
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Owner Occupied Kansas and Oklahoma Property Only
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Equity loans not available with co-signers
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No pre-payment penalty
- Home Equity Line of Credit Disclosure
Required Documents to Process Your Loan:
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Completed Real Estate Loan Application
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Copy of Statutory Warranty Deed (Ownership & Legal Description)
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Income Verification (Pay stub or 1040 Tax Forms)
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County Property Tax Valuation (Verify Property Value)
