Equity Lines
-
Prime Rate
A Home Equity line of credit with a loan term ranging from 15 to 25 years. The rate is based on the prevailing prime rate, which is added to a fixed margin (typically ranging from 0 to 4%) depending upon a borrower's individual credit and equity. The line of credit offers check-writing privileges and interest is paid only on the funds drawn from the account. A draw period exists from which a borrower may access the funds after which the repayment period begins so that the equity line is fully paid at the end of the term.
