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The equity
in your home is a valuable financial resource. You can use it for
home improvements, paying college tuition, or consolidating high
interest debts from department store cards and credit cards. Plus,
the interest you pay is generally tax deductible (consult your tax
advisor).
Fixed
Rate Home Equity Loans¹
15 or
20 Year Fixed Rate Home Equity Loan
- Borrow up
to 70% CLTV (combined loan-to-value) of your available equity
on single family residences, 70% CLTV on condos/townhomes, 70%
CLTV on second homes.
- Enjoy a fixed
rate and payment
- Terms up
to 15 or 20 years
- No closing
costs or points
30 Year
Fixed Rate Home Equity Loan with 15 Year Call Option
- Borrow up
to 70% CLTV (combined loan-to-value) of your available equity
on single family residences, 70% CLTV on condos/townhomes, 70%
CLTV on second homes.
- Enjoy a fixed
rate and lower payment since the loan is over 30 years!
- No closing
costs or points
Home
Equity Lines of Credit²
Platinum
Equity Advantage Home Equity Line of Credit
- Enjoy
variable rates as low as 6.00% APR!
- Borrow up
to 70% CLTV (combined loan-to-value) of your available equity
on single family, owner-occupied residences, 70% CLTV on condos/townhomes
- Interest-only
payments for the first 10 years
- Minimum $10,000
cash advance required
- Convenient
check and/or VISA Gold access
- No closing
costs or points
- No annual
fees
- No draw fees
Equity
Advantage Line of Credit
- Enjoy variable
rates as low as 6.00% APR!
- Borrow up
to 70% CLTV (combined loan-to-value) of your available equity
on single family, owner-occupied residences, 70% CLTV on condos/townhomes
- Interest-only
payments for the first 10 years
- Convenient
check and/or VISA Gold access
- No closing
costs or points
- No annual
fees
- No draw fees
or minimum draw required
Equity
VISA Gold
- Enjoy variable
rates as low as 6.00% APR!
- Borrow up
to 70% CLTV (combined loan-to-value) of your available equity
- Principal
and interest payments
- VISA Gold
access
- No closing
costs or points
- No annual
fees
- No draw fees
or minimum draw required
- Available
in all states except TX
Which
is right for you?
Compare
a Home Equity Line of Credit to a Home Equity Loan:
|
Home
Equity Line of Credit |
Home
Equity Loan |
Application
Process: |
Easy!
 |
Easy!
|
Potential
Tax Advantages |
Yes |
Yes |
Ideal
for you if: |
You
have an ongoing financial need. |
You
have one large expense now. |
Key
feature |
You
want the option to receive a one-time cash payout or have
the option to access your available credit line anytime you
need. |
You
want to receive a one-time cash payout with fixed payments. |
Interest
Rates |
Variable.
You only pay interest on the amount you withdraw. |
Fixed.
Enjoy a fixed rate and payment. |
Interest-only
payment option |
Yes.
You have the option to make interest-only payments for the
first 10 years. |
No |
Ongoing
access to available credit |
Yes |
No,
you get the entire amount at once. |
Closing
costs or points |
None |
None |
How
to Apply
The
loan process can take as little as 30 days. To get a head start, apply online or contact a
Real Estate Specialist at (800)
895-8328, extension 3738.
| 1 |
No closing costs or points on new loans |
| 2 |
No
closing costs or points on new lines |
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APR
= Annual Percentage Rate |
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The
Prime Rate used to determine your APR is the rate published
by the Federal Home Loan Bank (FHLB) on the 1st day of every
month. |
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Home
equity loans and lines of credit cannot be used for refinancing
existing Telesis mortgage loans. |
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$1000
penalty if fixed rate home equity loan is closed within 3 years. |
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$500
penalty if interest-only home equity line of credit is closed
within 3 years. |
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