Home Equity Line of Credit
Equity Extra Creditline is available for single family homes, condominiums and co-operative apartments which are primary residences.
- Prime Minus 1% for Life. Apple's home equity loan features a lifetime interest rate that will be the Prime Rate minus 1% for as long as you have the loan.
- You can access your Equity Extra line during the five-year interest-only period by simply writing a check. Your line is automatically replenished by any principal payments you make during the initial five-year period. After that, a 20-year repayment plan covering principal and applicable interest goes into effect.
- If your Creditline is $125,500 or greater, you are required to pay the mortgage tax, the flood certification fee, the recording fee and the tax service fee if necessary. Your appraisal fee will be refunded at closing. Our attorney's fee and title report fees will be paid by Apple Bank. There is a $10,000 minimum draw requirement at the time of closing to activate your home equity line of credit.
- If your Creditline is $125,000 or less, you are responsible for all fees. However, there is no minimum draw requirement at the time of closing to activate your home equity line of credit.
The Annual Percentage Rate (APR) for the Equity Extra Creditline may vary and is based on the highest Prime Rate as published in The Wall Street Journal on the 15th of the month. As of June 2014, the Prime Rate is 3.25%; therefore our interest rate of 1% below Prime is 2.25% The maximum APR is 17%. There is a $35 annual fee that is waived for the first year. For a line of $125,000, closing costs are estimated to be between $1,160 to $11,458. Rates and terms are subject to change without notice. All loans are secured by a mortgage or lien on your home. Property insurance is required. Available on owner-occupied 1-2 family residences, cooperatives, and condominiums. For cooperatives, property must be free of any liens or Apple Bank must be the first lienholder. Consult your tax advisor regarding the deductibility of interest to determine if you qualify under current tax laws. Apple Bank home equity loans are not available on property located in New Jersey or Connecticut.
Call 888-519-6046 for More Information
You may speak about the Equity Extra Creditline with our Mortgage Consultant, Odyssey Funding LLC ("Odyssey") at 888-519-6046. Odyssey is acting as Apple Bank's representative in connection with this particular product, by agreement, but is an entity separate from and not affiliated with Apple Bank. Apple Bank is the lender (NMLS #446713) on the Equity Extra Creditline product; Odyssey is not a party to the transaction.