A PrimeWay home equity loan allows you to take advantage of the value you’ve added to your home. You’ve spent countless hours turning your house into a home over the years.
You can use a home equity loan for any financial need or life event, including:
With a home equity loan with rates as low as 7.25% APR** for up to 120 Months, you have an affordable option to pay for life's expenses.
A home equity line of credit (HELOC) uses the equity in your home as collateral to borrow money. Equity is the remaining value after you subtract your outstanding mortgage balance from the home's current value.
Because it is a line of credit, a HELOC works similar to a credit card; you can borrow from it as needed, up to the credit line limit. HELOCs have variable interest rates and the monthly payment amount can vary, but you only pay interest on the amount you draw from the line of credit.
A home equity loan uses the equity in your home as collateral to borrow money. Equity is the remaining value after you subtract your outstanding mortgage balance from the home's current appraised value.
When considering you for a home equity loan, lenders look at both the equity in your home and the loan-to-value ratio (LTV).
The LTV is another way of expressing how much you still owe on your mortgage.
A PrimeWay home equity line of credit (HELOC) allows you to take advantage of the value you’ve added to your home to secure the line of credit. You can use a line of credit based on the equity of your home for any financial need, including:
|
Six Month Intro Rate |
Thereafter, Rates As Low As |
|
8.75% APR* |
This Rate Is Variable - as Low as Prime +1.00% - with a Floor Rate of 4.00% APR. |
**Rates as low as 7.25% APR** for home equity loans with terms for up to 120 Months. Appraisal costs are the responsibility of the borrower(s). PrimeWay home equity loans are available only in Texas. Maximum 80% CLTV. Certain credit criteria and restrictions apply.
Rates and terms are based on a combination of your earned credit score, the term you select, collateral, down payments, loan-to-value (LTV) position and other normal lending criteria. Acceptable property hazard insurance is required, as well as Flood Insurance if the property is in a designated flood zone.
You should consult your tax advisor regarding your possible tax implications. Rates are subject to change without notice.
*APR = Annual Percentage Rate. The rate is variable and based on the value of an index, as low as Prime + 1.00%. The index is the Wall Street Journal’s Prime Rate. The rate will never go below 4.00% APR or above 18.00% APR. There is a 5-year draw period with interest-only payments. 15-year repayment period with substantially equal monthly payments. Minimum credit advance amount is $4,000. There is a $500 Application Fee and up to $740 in closing costs.
Other terms, fees, and restrictions may apply. Maximum 80% CLTV. Certain credit criteria and restrictions apply. Rates and terms are based on a combination of your earned credit score, the term you select, collateral, down payments, loan-to-value (LTV) position and other normal lending criteria. Acceptable property hazard insurance is required, as well as Flood Insurance if the property is in a designated flood zone. You should consult your tax advisor regarding your possible tax implications. Rates are subject to change.
You may request a rate lock one time, which sets a fixed interest rate on your selected balance for a set repayment term. The lock rate is the currently available variable rate plus 1.00%.
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