Promotional Home Equity Line of Credit Offer
4.99% Home Equity Line of Credit
Features & Benefits:
Refinance of an existing Bank of Clarke Home Equity Line is not eligible for this offer.
*Subject to credit approval. This is a variable rate loan. Refinancing of existing Bank of Clarke Home Equity Lines of Credit are not eligible for this offer. All rates and terms are subject to change without notice. Please contact us for more information. Bank of Clarke will pay all closing costs for HELOCs up to $500,000 unless the HELOC is terminated within the first three years of origination. Closing costs start with a $250 origination charge plus any attorney’s fees, appraisals, recording costs, credit report fees, as well as any other fee that may be assessed in association with the loan origination. Closing costs generally range between $300 and $4,500. The introductory rate is fixed for six months and, after the fixed period, will change to a variable rate transaction which means the APR, minimum payment amount, and final payment amount may change monthly. During the variable rate period, the APR will be determined based on the Wall Street Journal Prime Rate plus a margin and will be rounded to the nearest 0.125%. As of January 1, 2024, the Wall Street Journal Prime Rate is 8.50%. The margin is based on several factors including credit score, loan to value, and loan amount. The APR does not include costs other than interest. Under no circumstance will the APR go below 4.00% or exceed 24.00%.