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Home Equity Line of Credit

Putting Your Home to Work

A Home Equity Line of Credit (HELOC) is an ideal source of funds for big-ticket expenses. Whether you want to remodel your home, pay tuition, take a well-deserved vacation, or provide a “back-up” plan during hiatus, we just want to help! With our Home Equity Line of Credit, you’ll have a convenient and flexible source of cash with a lower interest rate than credit cards or other personal loans.

 

 

Features of our very popular HELOC

  • Financing up to $500,000.*
  • Competitive HELOC Rates.
  • Instant access online or with free HELOC checks.
  • Low closing costs.**
  • Investment properties may be eligible for a HELOC.

  • Home Equity Line of Credit Rates

    Effective Date: September 22, 2020

    Type of Ownership Annual Percentage Rate* (as low as) Maximum Combined Loan to Value (CLTV)*** Loan Amount Maximum Years to Repay
    Owner Occupied Prime + Margin of 0.50%** Up to 60% CLTV $10,000 - $500,000 10 year draw/15 year repayment
    Owner Occupied Prime + Margin of 0.74%** From 61% to 70% CLTV $10,000 - $500,000 10 year draw/15 year repayment
    Owner Occupied Prime + Margin of 1.00%** From 71% to 80% CLTV $10,000 - $500,000 10 year draw/15 year repayment
    Owner Occupied Prime + Margin of 1.24%** From 81% to 90% CLTV $10,000 - $250,000 10 year draw/15 year repayment
    Non-Owner Occupied (investment) Prime + Margin of 3.00%** Up to 60% CLTV $10,000 - $250,000 10 year draw/15 year repayment

    *Annual Percentage Rates and terms subject to change without notice. All loans are subject to credit, income, and collateral approval.

    **Product has a floor of 4.00% APR

    ***Combined Loan to value (CLTV) = 1st mortgage balance and new HELOC loan amount.

    Alternative rates and terms apply depending on applicant's credit and collateral qualifications. Prime Rate is based on that published by the Wall Street Journal.

If you have questions, or would like additional information, please call our Real Estate Loan Team today at (888) 800-3328.

Apply Today for your Home Equity Line of Credit.

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*On primary residences, you may borrow a maximum of $500,000 up to 80% of your combined loan to value (CLTV); and for a maximum loan amount of $250,000 up to 90% CLTV.  The Maximum CLTV for HELOCs on non-owner occupied property is 60% and for a maximum loan amount of $250,000.

**The estimated origination fee for a HELOC on owner-occupied property, in 2nd lien position, is $300 for loan amounts up to $250,000 (Due at closing). Estimated origination fees for a HELOC on owner-occupied property, and in 2nd lien position, are $600 for loan amounts $250,001 to $500,000. (Due at closing) Based upon the following two (2) sets of criteria, you must also pay certain fees to third parties, which generally total between $600 and $1,000, in addition to the Origination Fee. If you ask, we will provide you with an itemization of the fees you will have to pay to the third parties.  Estimated origination fees for a HELOC on owner-occupied property, and in 1st lien position, are $300 for loan amounts up to $500,000. (Origination and closing costs due at closing) Estimated origination fees for a HELOC on non-owner occupied property, and in 2nd lien position, are $600. (Origination and closing costs due at closing)

The First Entertainment HELOC is an adjustable rate loan. The HELOC rate is based on the current Prime Rate (the Index) plus a Margin, and is variable and subject to change monthly. The Variable-Rate HELOC current 3.25% APR is accurate as of 03/15/2020, is subject to change, and is our best rate based on creditworthiness, credit score, and maximum combined loan-to-value (CLTV) of 60%. The rate may increase after consummation. The maximum Annual Percentage Rate (APR) is 18.00%. The HELOC term is 25 years. Minimum interest-only monthly payments during the 10-year draw period and amortized monthly payments during the 15-year repayment period. Minimum credit limit is $10,000; Maximum $500,000 for owner-occupied property, maximum CLTV of 80%. Property Insurance required on the subject property. Consult your tax advisor regarding deductibility of interest. HELOC is available only in CA.